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VBamber
#1 Posted : 11/10/2018
Joined: 3/28/2018(UTC)
Posts: 3

Thanks: 1 times
Hello all

I would be very grateful for some advice please, we have been researching and planning in advance for MTD being implemented in April 2019 but are very unsure of which software would be the most suitable for us after looking at the list of software providers listed on the HMRC website.

From what I understand in a nutshell we are effectively being told to buy software by HMRC that enables us to submit our online Vat return each month and also store all of our records electronically so HMRC can access them.

Would anyone be so kind as to forward any links or information that may clarify which MTD software is suitable for which circumstances and any information or guides that you may have stumbled upon. We are just about to start a project to implement a new FMS so would be looking for simple software that links to spread sheets.

Also does anyone know how are we meant to find out the cost of the different types of software and if there is any way of testing the software prior to the rollout in April.

I would be super grateful for any information, my email address is Victoria.bamber@warwickdc.gov.uk

Thanks :)
field500
#2 Posted : 12/10/2018
Joined: 2/24/2018(UTC)
Posts: 74

Hi

My understanding is that the list published by HMRC, is of those suppliers who's current Finance solution can accommodate the MTD requirement. So if your Finance System supplier is not on that list, I would suspect that they are currently working on a solution for their system.

The alternative is to either buy or develop an API enabled Spreadsheet - something which the MTD requirements allow. Most of the VAT advisors out there are offering a solution, and the cost is minimal.

So, if your current FMS provider is not listed, ask them when or if they will be applying a MTD solution. Or consider an API Spreadsheet.

Clearly if you are tendering for a new FMS in the future, MTD should be a given in the Specification

Hope that helps

Regards
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