Software requirements under MTD

2019-09-01T23:07:17+01:00November 22nd, 2018|Categories: Blog, HMRC, MTD|Tags: , , , |

Under HMRC's new Making Tax Digital (MTD) regime, which kicks in for VAT-registered businesses with a taxable turnover in excess of £85,000 from April 2019, businesses will no longer be able to keep manual records. Currently, spreadsheets are commonly used - not only to maintain records, but also to convert the information from accounting software into the VAT return figures. MTD requires spreadsheets to interact directly with software. Overcoming these issues may be challenging. Compatibility MTD requires businesses to maintain relevant information about sales and purchases in an electronic format, using 'functional compatible software'. Compatible software is a software product [...]