MTD    
MTD for VAT



MTD for VAT

Introduction
As you are probably aware, HMRC are changing the method used to file VAT returns. This is part of HMRC’s Making Tax Digital (MTD) strategy.

Background
For VAT return periods commencing on or after 1 April 2019, most businesses will no longer be able to enter the VAT return totals directly onto HMRC’s web site. Instead, VAT return totals must be transmitted directly from the accounting software used by the business or from bridging software. Bridging software products digitally import the VAT return totals from accounting software and transmit them to HMRC.

VT to implement MTD directly
VT will be implementing MTD directly into VT Transaction+ and VT Cash Book. This feature will be available by the time the first quarterly VAT returns need to be filed under MTD in July 2019.

VT bridging product
VT will also be developing a bridging product for use with VAT groups and other situations where the VAT return cannot be transmitted directly from VT Transaction+. This product will consist of an Excel add-in and can be used with any Excel workbook. A VAT return from any system can also be filed with this product provided the totals can be imported into Excel.

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