From the first of April, 2019 all businesses must submit its tax returns online. This means working with software which is MTD for VAT compatible. MTD (Making Tax Digital) for VAT software has been developed by a number of software companies.
The software releases are approved and assisted by the tax office at HMRC (Her Majesty’s Revenues and Customs). All accountants and finance professionals across the UK will have been well informed of the directive and some may be wondering if their tasks could be made more complex?
The short answer is: no. MTD for VAT will actually make things a lot simpler and more efficient. It is estimated after about one year of using MTD for VAT software, all finance professionals will wonder how they ever submitted tax returns in the past using such simplicity and efficiency.
BTC Software is one such software firm that has worked tirelessly with their digital teams at HMRC to develop a package that can be used by businesses to submit tax returns effortlessly.
The software is very secure and cloud-based. This means it is available to all authorised users 24/7 whether the data is being observed or adapted.
BTC Software has many solutions in its package. It can let companies perform VAT returns in an MTD-compliant manner at the touch of a keystroke. The data will instantly be received at HMRC at a similar speed an email would reach a recipient after you press the “send” key.
Spreadsheet Compatible and Friendly
BTC Software Solutions gives a window view of any client’s VAT payments and refund log. Any agent with authorisation can look up historic VAT returns data via the HMRC and see it.
It does not matter which format of spreadsheet is used to compile the tax returns and refunds data, the MTD for VAT software is able to easily convert to the correct format and then submit to HMRC is the right format demanded since April 1, 2019.
Compliant with So Many Accounting Platforms
BTC Software Solutions package works with so many of the traditional accounting packages. It integrates effortlessly with VT Software, Xero, Quick Books, Free Agent and Reckon One. All integration is performed through dynamic APIs.
Moreover, BTC Software Solution’s package integrates with CSV imports – a common feature for files on spreadsheets. BTC Software’s MTD for VAT is available on the Cloud and can be purchased for just £250 + Vat.