VAT electronic submission

[Hilly]

The last inspection I had for Vat I just needed to send the reports from Sage for the quarter and 6 or so invoices scanned and emailed.
Inspector never had to visit. He liked the Sage software

Could have just been looking for someone else !

 

[newbie]

The last inspection I had for Vat I just needed to send the reports from Sage for the quarter and 6 or so invoices scanned and emailed.
Inspector never had to visit. He liked the Sage software

Ah sorry, my misunderstanding. I thought you meant you thought the workings were going to them quarterly. I get you now. Yes, VAT inspections should be easier if it's all on software.

 

[jamj]

Anyone recommend any bridging software for older Excel (2000)?

 

[Bob]

Anyone recommend any bridging software for older Excel (2000)?

An Update !!

 

[reverand]

According to the UK's Companies Act 2006, a small company is defined as one that does not have a turnover of more than £6.5million, a balance sheet total of more than £3.26 million and does not have more than 50 employees.

Not to sure were that leaves me

 

[Northernlights]

Accountants introduced me to Cashflow Manger 14 years ago for the computer and have got on fine with it.
Just before Christmas spoke to them about digital tax and they said wait till January ,order up upgraded software and do two trial months February and March.

Tried to e mail Cashflow Manager several times to order new software in mid January no reply, then phoned ,they operate a call back system just leave your name and details and they will phone back still no replies.

Turns out they are an Australian company so maybe need to phone/e mail in the middle of the night.

Looked at V.A.T. online and they have a list of software suppliers who are ready, about half are and half aren"t

Of course Cashflow Manager is on the not ready list.

On Cashflow Mangers website they just say it will be ready by April.

Frustration does not describe it adequately

Accountants tell me they are still going wait for them to supply the new software but I feel their customer service is appalling.

If it ain"t broke don"t fix it.!!!!!!!!

 

[4course]

Interesting topic this.
I am an accountant (fully qualified 10yrs) and hobby farmer.
I'm considering whether there's an opportunity here to do quarterly VAT returns and management accounts for farmers etc then offer the year end accounts and personal tax returns at a reduced price. Trouble being, cost for VAT return work would be more than a standard bookkeeper.
It appears most are happy with the software they have and will be happy to do their own returns but for those who are still pen and paper, perhaps they would want to send their stuff over for someone else to do. Logistics may be an issue though

your avatar is oh so wrong, no offence meant but im a grandad

 

[kmo]

My accountants aren't being very proactive about it. When I asked them about MTD, I was told, just ring us with the figures and we'll enter them for you. Haven't enquired the cost of this "VAT entering service" (Anyway that arrangement, seems to defeat the point about MTD software being more error free by stopping data being manually transferred)
Hopefully there's some free bridging software out there that will just extract the figures from Excel ?

 

[jamj]

An Update !!

I don't actually use Excel, I use Access so don't want to pay for upgrade just for MTD.

 

[farmerm]

My accountants aren't being very proactive about it. When I asked them about MTD, I was told, just ring us with the figures and we'll enter them for you. Haven't enquired the cost of this "VAT entering service" (Anyway that arrangement, seems to defeat the point about MTD software being more error free by stopping data being manually transferred)
Hopefully there's some free bridging software out there that will just extract the figures from Excel ?

I might be wrong but I don't believe "just entering the figures" is permitted under MTD rules. My understanding is that the VAT calculation must be done by the accounting or bridging software using digitally stored transaction records... The user is allowed no role in the calculations. Unless the "entering the figures" services means you have to send your accountant copies of all your bank statements, invoices and receipts every month for them to run though SAGE or similar, as a full book keeping service, I can't see how such a service will be permitted?

HMRC have made it very clear, THEY WILL NOT BE PROVIDING FREE BRIDGING SOFTWARE.

 

[Timbo]

My accountants aren't being very proactive about it. When I asked them about MTD, I was told, just ring us with the figures and we'll enter them for you..... Haven't enquired the cost of this "VAT entering service"

Feel you need to press them further ( or change accountants) since hmrc's manual vat submission portal is closing in may [for over 85k turnover businesses] so how they intend to manually enter the info on your behalf will be a mystery.

 

[Ramrod]

My accountants aren't being very proactive about it. When I asked them about MTD, I was told, just ring us with the figures and we'll enter them for you. Haven't enquired the cost of this "VAT entering service" (Anyway that arrangement, seems to defeat the point about MTD software being more error free by stopping data being manually transferred)
Hopefully there's some free bridging software out there that will just extract the figures from Excel ?

Been on Sage since 2005 recommended by accountant, brilliant!
I'm old school, won't rent or buy on HP, so asked Sage if I could buy new program, told no, available to rent only.
I then (as you have) spoke to accountant (Sage user), they informed me that if I sent my USB backup by email to them every quarter, there would be a small charge for them to transfer info to their system and submit on my behalf.

Suggest you enquire about charges, you may be surprised, I was!!!

 

[jamj]

This is what I don't like about all these programs - you can't buy them.

 

[farmerm]

Feel you need to press them further ( or change accountants) since hmrc's manual vat submission portal is closing in may, so how they intend to manually enter the info on your behalf will be a mystery.

I am pretty confident that the VAT submission portal is to remain open for businesses below the £85K threshold for compulsory MTD...

 

[farmerm]

The interest the latest list of MTD compliant software and those in development....
https://www.gov.uk/guidance/software-for-sending-income-tax-updates#VAT

Just don't leave it until your April return is due!

 

[Old Peasant]

Income tax returns would rise a lot if vat was abolished.
No more cash jobs to avoid vat

VAT was introduced when this country joined the then Common Market in order, specifically, to raise the funds to cover the CM costs. As we are leaving the EU, into which the CM has morphed, does this mean that VAT will be abolished? I doubt it as MTD has been introduced on the very day we are leaving!!

 

[Timbo]

I am pretty confident that the VAT submission portal is to remain open for businesses below the £85K threshold for compulsory MTD...

Sorry I should have said... 'for registered over 85k buisnesses"

 

[farmerm]

from Pandle... "We are already MTD ready we are just waiting for HMRC to move us onto the approved list and have been for some months. We will be able to submit when the time comes"

 

[fastfish]

Feel you need to press them further ( or change accountants) since hmrc's manual vat submission portal is closing in may [for over 85k turnover businesses] so how they intend to manually enter the info on your behalf will be a mystery.

Do you know the date in may

 

[ffukedfarmer]

Do you know the date in may

The letter I have just received says that you have to submit any return from 1st April digitally. For a 31st March ending VAT quarter I assume that you will be able to submit manually up until the 7th May