We understand the importance of right MTD solution for your Accounting or Business firm. So, check the myths here:

 

  1. “I cannot use bridging software after the 12-month soft-landing period.”

Fact: HMRC recognise the need for bridging software as an important form of digital transfer, and it is not just for the soft-landing period.

 

  1. “I cannot use spreadsheets for digital record keeping.”

Fact:  HMRC now recognises spreadsheets as an acceptable form of digital record keeping.

 

  1. “I cannot make adjustments to the VAT data once exported from the bookkeeping software.”

Fact:  HMRC recognises that some of the more complex VAT adjustments; for example the Flat Rate Scheme must be made outside of bookkeeping software.

 

  1. “I must submit to HMRC all of the transactions that make up the VAT return.”

Fact:  HMRC only wants the nine boxes of numerical data that make up the VAT return.

 

  1. “I must upgrade my older bookkeeping package to use MTD enabled cloud accounting bookkeeping software.”

Fact:  Any record keeping software can be used as long as it keeps the individual transactions in a digital form, and it can transfer the VAT return data in digital form. 

 

  1. “My specialist a record keeping software must interact directly with HMRC for MTD.”

Fact: Almost any software can interact with HMRC directly for MTD, but it’s a fair amount of work to do this. It is perfectly acceptable for your specialist record keeping software to utilise bridging software to submit the MTD VAT return to HMRC.

 

  1. “I cannot copy and paste data into an MTD VAT return.”

Fact: HMRC does not consider the use of ‘cut and paste’ or ‘copy and paste’ to select and move information, either within a software program or between software programs, to be a digital link.

 

  1. “ I can leave MTD for VAT when I like.”

Fact:  Once you have submitted your first MTD VAT return you cannot go back to the old VAT 100 submissions, even if you fall below the VAT registration threshold. The only way to leave is to de-register for VAT.

 

 

If you would like to talk to us for further information call us now, +44 330 057 8597 or email us at [email protected]

 

by:
Bitnami