VT MTD for Excel enables short-form quarterly updates to be submitted from an Excel spreadsheet.
A short-form quarterly update has a single figure for total expenses1, rather than a figure for each expense category. You are eligible to submit a short-form quarterly update if your turnover is less than £90,000 for the tax year2.
In VT MTD for Excel, you can either use the built-in 'Pre-formatted Workbook', which has a quarterly update template, or use your own workbook containing a quarterly update report.
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Use if: |
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•Includes a quarterly update template. •You can enter income and expenses transactions, and use formulas to link the totals to the quarterly update template. •If you are VAT registered, you can also use the VAT return template in the same way. |
You need a template for a quarterly update report in Excel. |
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•Your workbook should contain a quarterly update report (i.e., quarterly totals of income and expenses transactions, which should be digitally linked to the underlying transactions. •Your quarterly update report should contain data for the quarterly update categories where relevant. •You can map the data from your quarterly update report to the relevant quarterly update categories using VT MTD for Excel. |
You have prepared your own quarterly update report in Excel. |
If you keep records on spreadsheets but the above criteria does you not apply to you, you can use VT's own spreadsheet bridging software, VT Report, or import transactions from your spreadsheet to VT Transaction+, VT's bookkeeping program.
1.For a short-form UK property or Foreign property quarterly update, residential finance costs must be categorised separately to total expenses.
2.Your turnover for the income source (self-employment, UK property, or foreign property) must be (or expected to be) less than £90,000 for the tax year being reported. If you are not sure whether this will be the case, you should use full categorisation. For further details, see the section 'Specific record keeping requirements' in Create digital records - GOV.UK.
