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.