Absolute Excel VAT Filer
Making Tax Digital
Absolute Excel VAT Filer
HMRC have announced that for accounting periods starting on or after 1st April 2019 VAT registered businesses with a turnover above the VAT threshold (currently £85,000) are required to submit their VAT returns digitally using only MTD compatible software. Organisations with more complex VAT systems, such as local authorities, public corporations and trusts will be mandated for MTD for VAT from October 2019.
HMRC have also stated that mandated businesses will no longer be able to use the current free VAT online portal for submitting their VAT returns.
MTD Bridging Software
We have provided a solution which is essentially an Excel spreadsheet that allows users to populate the 9 boxes required for MTD VAT and directly file them to HMRC. Absolute’s Excel VAT Filer software is suitable for filing a single company or as an Agent for multiple companies. This HMRC MTD approved software will also allow you to link to any existing spreadsheets you are currently using or to any spreadsheets exported from a Bookkeeping package that isn’t MTD compatible.
Pricing starts from as little as £40 plus VAT for 10 traders for a 13 month licence.
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We are taking many calls from people asking if it is still acceptable to still use spreadsheets and bridging software from April 2020
HMRCs advice for MTD software is included in VAT Notice 700/22, specifically section 4.2.3 of that notice, updated on 17th October 2019. This makes it clear that spreadsheets and bridging software can make up part of what we describe as functional compatible software. You will note in 700/21 there is no time bar on when that software can be used.”
READ MOREAnother common question from our users is "What does the end of the soft landing period mean to me?"
HMRCs advice on the soft landing period is included in VAT Notice 700/22, specifically section 4.2.1.1 of that notice, updated on 17th October 2019.
This specifically refers to Digital Links, that is a Data transfer or exchange within and between software programs, applications or products that make up functional compatible software must be digital where the information continues to form part of the digital records.
It goes on to say that HMRC will allow a period of time, the “soft landing period”, for businesses to have in place digital links between all parts of their functional compatible software.