hi, i have a small business that i have run for 30 years & sell dairy supplies to farmers who are vat registered.
i have been thrown in at the deep end with the MTD from hmrc.
Can anyone tell me if i need to transfer everything over from my Quickbooks 2002 premier software which has served its purpose since i purchased it all those years ago or can i use Quickfile as an inbetween software.
Also my year end is the end of august so i THINK I need to do june-august on the new MTD system .
many thanks.
The MTD scheme HMRC brought in means you will no longer be able to store paper based records and they must be stored digitally.
HMRC have given 2 options
- Enter all your transactions into MTD compliant software and use it to do the submission.
- Enter all your paper based transactions (or transactions from none compatible MTD software) in a spreadsheet and use compatible bridging software to do your submission.
QuickFile offers both methods
If you are coming from paper based records (Or none compatible MTD software) and have to digitise your records anyway.
Posting them directly into QuickFile would be the simplest and cheapest option as the software may most likely be free (if you do not have many transactions).
You could
- Enter the June-August Invoices into QuickFile along with the associated payments.
- Link you HMRC tax account
- Submit the return based on the entered transactions
Alternatively if you prefer to use a spreadsheet and the Bridging Module here are the instructions - VAT Bridging
PLEASE NOTE you can not just have a spreadsheet containing values for boxes 1-9 as the whole point of the MTD system is that there is a clear digital link to your backing data/transactions.
QuickFile is free up to your first 1000 nominal postings then £45 + vat annually after that
OR
Our Bridging Module is £45 + vat annually
This topic was automatically closed after 7 days. New replies are no longer allowed.