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Making Tax Digital - the haysmacintyre solution

18th January 2019

Making Tax Digital - the haysmacintyre solution

There are essentially three ways of submitting VAT return information to HMRC that are MTD compliant.

  1. If your accounting package is MTD compliant and you can prepare VAT returns within the accounting package, you can use the accounts package to prepare and submit VAT returns directly from the package
     
  2. If you are unable to prepare the returns within the accounts package and need to prepare it in a spreadsheet, for example, because you have to carry out partial exemption calculations or use different accounts packages, then the second option is to use a combination of bridging software and an MTD compatible accounts package.

    In this option you would use bridging software to electronically export data from your package(s) into the spreadsheet where you would prepare the return figures as you currently do. When the figures are prepared the bridging software would electronically export them back into the accounts package which provided it is MTD compatible could then submit the return figures.
     
  3. The third and probably simplest option is to use a combination of bridging software and an Application Programming Interface (API) enabled spreadsheet to submit the returns.

    The bridging software would electronically export the data from your existing accounts package into a spreadsheet where the return figures could be prepared as at present. But with an API enabled spreadsheet the return figures can then be submitted directly from the spreadsheet to HMRC without the need for an MTD compatible accounts package.

The solution

haysmacintyre can now offer bridging software and an API enabled spreadsheet to allow you to meet your MTD obligations for VAT, per option 3 above. We believe this to be a more cost effective solution than upgrading your existing accounting package, or changing it entirely.

As well as this software we are also able to:

  • Review existing spreadsheets to ensure that they have been correctly set up prior to transfer over to an API enabled spreadsheet
  • Review VAT audit trails to ensure these are ready for MTD
  • Ensure the correct VAT liabilities are being applied

If you would like to enquire about Making Tax Digital for VAT please contact your usual haysmacintyre contact or Phil Salmon, VAT partner on 020 7969 5611 or via email at psalmon@haysmacintyre.com.

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