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Making Tax Digital

Making Tax Digital

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VAT software guide

SUMMARY

The paper explains that all VAT registered entities in the UK with an annual VAT-able turnover of over £85,000 are obliged to keep a digital record of their VAT transactions from the second quarter of 2019.

Companies also have to file MTD-compliant VAT returns using API enabled software for all VAT return periods that start after that period. It is key that businesses ensure that their VAT clients or employers are aware of this situation andits implications.

This report aims at helping companies in the UK get ready by offering adequate answers to essential questions that could arise.

The paper includes a review of products and services created by some of the MTD-compliant providers that are listed on HMRC’s website.

According to this research, there are two different types – bridging software and accounting software. The bridging software option is for those firms that use spreadsheets or have specifically complex arrangements. For the majority of users, the accounting software type is possibly the right supplier.

The document cites two other options. Specialist offerings are for those companies in farming, agriculture, and estates or in the motor trade sector. There are also some self-service offerings, for clients that want to file their VAT returns themselves.

OUTLINE

Introduction

Requirements

Steps to readiness

Client management

HMRC agent services account

MTD stories

Software review

Bridging software

Accounting software

Specialist software

Self-service

DETAILS

Overview

Researchfinder Rating
5 out of 5 stars
Title
Making Tax Digital
Sub-Title
VAT software guide
Region
Europe
Published
Oct. 1, 2018
Publisher
aat
Price
FREE
Language
ENGLISH

Content

Number of Pages
30
Number of Tables
0
Number of Exhibits
14
Topics
software
Tags
aat, accounting software, case studies, europe, financial services, software, software management, software providers, software usage, tax software, uk, VAT software
Companies mentioned
Go Simple, Free Agent, Tax Optimiser, Tax Automation, My Digital Accounts, Motor Trade Technologies Ltd, Landmark Systems Ltd, Farmplan, Accu-Man, Zoho Books, Xero, Sage, QuickBooks, QuickFile, PwC
Methodology
Not available.
EVALUATION

What makes this report valuable and an excellent read is the inclusion of company profiles.

Positives:

  • Appealing design
  • Good graphs
  • Case studies 
  • Company profiles

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