I have seen the word "associates" often used when justifying outsourcing. It is an attempt to suggest that the company doing the outsourced work is, to all intends and purposes, the same organisation.
In any case, GDPR is a bit of a joke. It has had the opposite effect of what it was meant to achieve. Before GDPR an organisation might have shared your date with 2 or 3 of its partners. After GDPR , it shares it with a hundred or so organisations, on the basis that you gave consent (without realising it).
In actual fact GDPR means that an organisation can do whatever it wants with your data as long as you have given consent. It is the way they get consent which has to be questioned.
Since GDPR came into force, organisations have gone on an information sharing bonanza.
I don't think that you need to go with their MTD add-in. Like others have said, there are plenty of bridging software that will be available which can pick up the 9 figures from an excel sheet.
From what I understand, Exchequer has live intergretation with Excel. So, as long as you can export the VAT figures to Excel, you can use any bridging software.
On a separate note, I would not consider online software such as Sage, Quickbooks, Xero, Freeagent,Kashflow etc to be in the same league as Exchequer which is a more serious software with CRM and DMS. Therefore other software companies' policy towards MTD would be different as they are all actively engaged in snatching customers from each other rather than creating decent software.
Just wait and see what VT release, Ive heard whispers of it being referred to as the MTD saviour by some corners (not the round neck t-shirt corner of course) of the profession.
If I had the money , I would have bought VT a long time ago. All I can do now is work on my own MTD saviour.
Probably achievable sometime around 2350.
..or not achievable at all. Technology is developing so fast into the realm of the unknown. Block chains and P2P in busines are just the beginning of what will make business accountability practically impossible to track by the outsider (namely HMRC and hackers).
With digital data supported by digital data which itself rests on digital data and so on, businesses will ,in future, enjoy greater protection which in turn makes it impossible for HMRC to achieve any sort of Big Brother ambition.
The fragmentation of business data into thousands of parts on servers across the world and the lack of transaction trails would make HMRC have to re-invent how they verify the correct matching of income and expenses.
I have said it before , if we are looking a 100 years ahead , I envisage a system where tax is paid according to a benchmark system. You pay a fixed tax amount according to the industry you are in and its benchmark rate. As for individuals , they might pay tax according to their status /profession /vocation. It will be the only effective way of collecting taxes. Anybody care to stretch their minds into the future ?
There is an aspect of business technology with seems to escape the attention of most people. It is the technology that most will never understand, as already mentioned in an earlier comment.
Imagine a situation where neither the government nor the professions (accountants, lawyers, etc) understand the technology. This has already happened in the case of "Derivatives " sometimes referred to as the financial weapon of mass destruction. Banks were recruiting en masse people with PHD in physics to write their options and derivatives. Now the derivatives market is estimated to be worth around $ 1.4 quadrillion.
With P2P, Blockchain and Cryptocurrency soon to be incorporated into accounting systems across business, HMRC will simply not have a clue how to cope and the govt. will not have a clue how to manage the new economy.
Yes, we are not allowing for time to adjust to technology and , as a result, we may be heading for a world where the boffins and the criminals will rule.
Always bringing a human touch to the comments !
Perhaps that was my problem. Not enough to worry about !
Agree, each to their own.
However, I was prompted to make the comment because this is just one example where Intuit is giving misleading tax information. Just because the submission of the Return is successful does not mean that HMRC has approved it.
As more and more small businesses are being given a false sense of security by the "click and your tax affairs are all done" slogan by cloud software companies, I though it was a very important matter to post to the Accounting web forum.
Formal complain being made to Intuit and professional body; particularly the bit about the Return having been "Approved" and "received the seal of approval"by HMRC.
Perhaps the web link I gave was just Intuit testing the system but I have asked colleagues if they are getting these prompts.
My name is only relevant to Intuit.