Tax and practice software developer BTCSoftware will introduce its Making Tax Digital (MTD) for VAT Software at Accountex 2018 next month.
Building on its success as a nominee in the 2017 MTD category in AccountingWEB’s Software Excellence awards, BTCSoftware will preview its MTD for VAT application with more than 10 months to go before the MTD filing becomes mandatory for VAT on 1 April 2019.
BTC and selected customers have been participating in HMRC’s private MTD for VAT beta testing programme. This work has influenced the new product’s development and will enable the company to support users who join the public testing programme, said BTCSoftware CEO Rob Ellis. The new MTD VAT solution is being implemented to seamlessly integrate with BTCSoftware’s Solution Suite.
Accountants using the BTC application will be able to submit clients’ VAT returns directly to HMRC in the required MTD format. Built in application programming interfaces (APIs) will also give accountants access to historical MTD VAT data.
“The MTD for VAT software will show historic VAT returns submitted under MTD and users will also be able to see the payment history, the refund history and what their liabilities were at certain points in time,” said Ellis.
The old 64-8 client authorisation forms for VAT will be replaced by an online agent-client authorisation process and customers using the new solution will also be able to view the progress of the tax returns before they are submitted.
API and integrations
“We are providing a module that allows people to submit VAT returns via the MTD APIs. It will integrate with bookkeeping packages like Xero, QuickBooks, FreeAgent and Reckon One. Using the API links we will extract the VAT reports and populate the VAT returns automatically. We will also allow CSV imports from other products that don’t have suitable APIs,” said Ellis.