TaxCalc and Making Tax Digital (MTD) for VAT

We have been working hard to update our software to ensure that we are ready to help you view and submit VAT Return data to HMRC using the new MTD system.

In short, Making Tax Digital (MTD) means that taxpayers will be required to submit data electronically to HMRC on a regular basis.  From 1^st April 2019, it becomes mandatory for businesses who have a turnover of over £85,000 to submit their VAT Returns to HMRC via the new MTD online services.  To this end, HMRC have been working with software providers, as well as updating their systems, to ensure that VAT data can be retrieved and submitted using the new MTD system.

What have we done?

To ensure that VAT Filer is compliant to submit and view data to HMRC we have made many improvements.

• Changed the way VAT Filer is accessed so that it is more in keeping with other TaxCalc products
• Updated the business information page so that you can keep a record of whether a client should be submitting VAT Returns under the MTD system
• Included a new ‘Import’ option so that data for the VAT Return can be imported from a spreadsheet
• Allowed the ability to attach files to a specific VAT Return
• Updated the submission process of VAT Returns so they can be sent under the new MTD Service
• Kept the current submission service for VAT Returns (Government Gateway service) where a business is not mandated to submit VAT Returns via MTD
• Retrieve VAT Obligations (VAT periods) from HMRC so that a VAT Return can be submitted via MTD
• Retrieve Payments and Liabilities of a business that have been recorded under MTD
• Retrieve previous period VAT Return data where this has been sent under MTD
• Provided the ability to add adjustments to imported data figures, such as fuel scale charge, partial exemption and reverse charge transactions
• Added various reports so that data entered can be easily reviewed