Today we have launched a brand new Making Tax Digital (MTD) Report that will provide an insight into how businesses will report their taxes once HMRC fully roll out the MTD scheme. Under current proposals businesses will no longer submit an end of year tax return, but instead file quarterly updates, these are referred to as Periodic Updates.
It is the Periodic Update that can now be generated from within QuickFile. You will find this option at the bottom of the reports overview screen Reports >> All Reports.
We are keen to ensure that QuickFile users benefit from a smooth transition to the new MTD scheme and the Periodic Update report is the first in a series of developments we are working on to facilitate this.
The MTD reports at this stage are purely for experimental purposes, no data here can be submitted to HMRC and the specifications for the report are likely to change as HMRC evolve their policy and schemas.
You can get more detail on the Periodic Update report here.
If you have any questions regarding this report, please don’t hesitate to get in touch.
This is very good. The one issue that I have found is that when I produced a quarter which included my year end it added into the expenditure the year end closing journal, which gave me double the expenditure for that year. I am not sure if I did something wrong or its just a glitch but you have made a fantastic start on this and it is really reassuring to see how you are going to help us all deal with this
Thank you for the positive feedback!
I’ll certainly pass your comment regarding the year end journal over to our developers and ask them to take a look.
Apologies @Nigel, there was an issue with year-end journals. That should now have been fixed, however if the report is still showing these entries please go into the “Options” menu on the report and hit “Refresh”.
Thanks its working well now. We will continue to monitor it and check it with the main P&L every quarter. One suggestion might be to separate out in year depreciation as it is needs to be deducted for tax purposes and this may be needed now or in the future, if or when they get us to pay tax quarterly as well… We do that via a recurring journal entry and it currently appears in the periodic report under other business expenses, so not easy to identify. Maybe we are doing it wrong and there is a better way