Thanks for sharing your experience. I can understand your frustration. I hope you resolve your queries soon.
I've spoken to HMRC and actually received incorrect answers on some questions relating to MTD VAT which is why I'm checking with other accountants who have actually had experience with MTD VAT.
We were thinking of trying out MTD VAT now instead of after the 31-Jan-2019 income tax deadline, but I see we will probably just create problems in this busy season so might just look into MTD after Jan-2019.
Please see article section under heading Making Tax Digital public beta:
'Xero also used the show to announce that as of today it is in full public beta for Making Tax Digital (MTD), and is encouraging users to sign up.'
Anyhow, I'm not going to be reading between the lines. Softwares need to be clear that they are not ready. And as far as I understand from reading or surfing the internet, MTD VAT is live and a business can sign up for it even right now. In fact everyone is being encouraged to sign up for MTD VAT so they may not be in problems when it becomes mandatory.
Even in the email reply, the representative does not say that it's HMRC's end, he clearly says its Xero.
If I had actually went to the client who was using Xero and asked them to sign up on the pilot so they may submit their first VAT under MTD, I would have basically really upset my client for the trouble afterwards.
Lastly, I did not say that the rep was an idiot for saying Xero is not MTD VAT ready, I said whether he was an idiot for the fact that Xero was MTD VAT ready, but he just didn't know that which is the whole reason why I asked the question here, just in case Xero was ready and the rep gave me the wrong info.
I do apologize if I came out all rude, cynical or just seem to be going after Xero, that was not my intention. I will edit the post to remove the idiot comment because I agree it does seem unprofessional.
However I am concerned that software companies are not be straight forward in their promotion or advertising. People are being misled.
I don't know if I am understanding your figures questions correctly. The figures in the current accounts 2017 will not change but company will be dormant in the next accounting year 2018. Audit report is being prepared almost eight month after year end. At the time of the audit report, the next accounting period is less than 12 months and we know company is dormant, so would the current accounts be produced on the going concern basis.
My answers
Hi thanks.
Have you ever had instances where the system was down.
@johnt27. Thank you for your feedback.
Thanks
@nodrogbir
Thanks for sharing your experience. I can understand your frustration. I hope you resolve your queries soon.
I've spoken to HMRC and actually received incorrect answers on some questions relating to MTD VAT which is why I'm checking with other accountants who have actually had experience with MTD VAT.
We were thinking of trying out MTD VAT now instead of after the 31-Jan-2019 income tax deadline, but I see we will probably just create problems in this busy season so might just look into MTD after Jan-2019.
Thank you
I immediately contacted Sage after this epiphany and thankfully they are ready.
I advise everyone to check with software companies they'll be using for clients before anyone starts with anything to do with MTD.
https://www.accountingweb.co.uk/tech/tech-pulse/xerocon-2018-xero-announ...
Please see article section under heading Making Tax Digital public beta:
'Xero also used the show to announce that as of today it is in full public beta for Making Tax Digital (MTD), and is encouraging users to sign up.'
Anyhow, I'm not going to be reading between the lines. Softwares need to be clear that they are not ready. And as far as I understand from reading or surfing the internet, MTD VAT is live and a business can sign up for it even right now. In fact everyone is being encouraged to sign up for MTD VAT so they may not be in problems when it becomes mandatory.
Even in the email reply, the representative does not say that it's HMRC's end, he clearly says its Xero.
If I had actually went to the client who was using Xero and asked them to sign up on the pilot so they may submit their first VAT under MTD, I would have basically really upset my client for the trouble afterwards.
Lastly, I did not say that the rep was an idiot for saying Xero is not MTD VAT ready, I said whether he was an idiot for the fact that Xero was MTD VAT ready, but he just didn't know that which is the whole reason why I asked the question here, just in case Xero was ready and the rep gave me the wrong info.
I do apologize if I came out all rude, cynical or just seem to be going after Xero, that was not my intention. I will edit the post to remove the idiot comment because I agree it does seem unprofessional.
However I am concerned that software companies are not be straight forward in their promotion or advertising. People are being misled.
Thanks, I had seen FRS 102 standard but it was very judgmental in it's approach to disclosures which is why I asked.
Thank you both for your answers. I now have peace of mind that I was not overlooking anything.
I don't know if I am understanding your figures questions correctly. The figures in the current accounts 2017 will not change but company will be dormant in the next accounting year 2018. Audit report is being prepared almost eight month after year end. At the time of the audit report, the next accounting period is less than 12 months and we know company is dormant, so would the current accounts be produced on the going concern basis.