With the deadline for Making Tax Digital less than 3 weeks away, we are busy working with our customers, installing and testing our MTD cloud solution before they submit their first digital VAT return.
Over the last few months, we have had many conversations with our customers regarding MTD and how they are preparing for the changes. We appreciate that for some businesses, you might fall in to one of two categories:
- You are not using IFS (or IFS Tax Ledger) to manage your finance processes.
- Some parts of your VAT registration might be on IFS while others are not.
If your business falls within one of these groups, then you need a short term solution that will allow you to comply now, until the end of the ‘soft landing’ phase in April 2020. After this date you will need to become fully compliant and it is also very likely that there will be changes to MTD rules which a spreadsheet solution will not cope with.
Many of our customers have asked us about providing a short-term solution in the form of a spreadsheet option. Based on this feedback and to help with the longer term move to 2020, we have developed a secondary MTD solution that will allow you to prepare your VAT return in Excel and then transfer the data to our MTD cloud solution for submitting to HMRC. This will ensure you are able to meet the new rules until April 2020, and will give you time to put a plan in place to ensure full compliance following this date. As you will already be on our MTD platform, you will be able to get the full benefits immediately.
This solution has been developed for the two use cases outlines above. If you are currently running IFS, using the Tax Ledger, our MTD cloud solution is still the best option for your business. Spreadsheets are simply a stop gap for those businesses who need to take this option in the short term. You can read more about why our cloud solution is the best, fully compliant MTD solution here.
To find out more about our spreadsheet solution, please get in touch.