Can I Use Excel For MTD VAT?

Can I use spreadsheets for MTD?

With the deadline for Making Tax Digital (MTD) swiftly approaching, many businesses are facing a tough decision about how to comply with these looming requirements.

Well it’s a spreadsheet which has the ability to submit data directly to HMRC for your VAT return.

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Will HMRC provide free software for making tax digital?

HMRC will not be providing any free software for Making Tax Digital reporting for businesses and sole traders, and all the major UK software providers have stated since the outset of the HMRC digitisation project that they will not provide free software, despite HMRC’s initial claims that there would be two or three …

Can I do VAT return myself?

1 – submit them directly with HMRC, through the government gateway (if you know how to prepare and calculate VAT returns). 2 – You can use software to help you file the returns. For example FreeAgent. Once you’ve entered all of your transactions, it will prepare the return and then you can file with HMRC.

Do I need to register for MTD VAT?

When MTD for VAT will be mandatory for your business If your taxable turnover has dropped below the VAT registration threshold at any point after 1 April 2019 you are still required to continue to keep digital records and send HMRC your VAT returns using MTD -compatible software.

What’s the best VAT software?

Guide: best accounting software for your businessQuickBooks (Intuit) Aimed at: Small businesses, the self-employed and accountants. … Clear Books Large. Aimed at: SMEs; accountants and bookkeepers supporting SMEs. … FreeAgent. … Sage Business Cloud Accounting. … Xero. … Zoho Books.

Is QuickBooks linked to HMRC?

From April 2019, all eligible UK VAT-registered businesses will have to keep their financial records in a digital form and submit their VAT returns using approved software. … In order to submit VAT returns to HMRC for MTD, you’ll have to first authorise QuickBooks to interact with HMRC.

Can Excel be used for making tax digital?

With just one click of a button, your VAT return is sent to HMRC via the Making Tax Digital Application Programming Interface (API). What’s more, you don’t need to have a particular data format or spreadsheet template to use VitalTax, as it can be used with any user-defined Excel spreadsheet.

How do I submit my VAT return to MTD?

Submit your MTD VAT return to HMRCIn the Accounting menu, select Reports.Under Tax, click VAT Return.From the Needs Attention list, click Review by the earliest return period.Click Submit to HMRC.Select the checkbox to confirm you accept the declaration to file, then click Submit.More items…

What is the best software for making tax digital?

9 accounting software platforms for Making Tax DigitalXero. Xero has several plans which businesses can choose from depending on their needs. … QuickBooks. QuickBooks’ three packages (all currently 50pc off) include: … FreeAgent. … KashFlow. … Sage Business Cloud Accounting. … Zoho Books. … QuickFile. … Further reading on accounts.

Is making tax digital compulsory?

Making Tax Digital affects all businesses and landlords. Making Tax Digital is compulsory — you will need to start using it in 2018, 2019, or 2020, depending on your business circumstances. You will need to record your various tax affairs digitally, using online accounting software or an app.

Is there any free MTD software?

HMRC will not provide software support for the mandatory changes. Avalara has announced its new MTD Filer, a free Microsoft Excel Add-In to help businesses and charitable organisations of any size file their returns in accordance with the new HMRC obligations. … There are no charges for using Avalara’s MTD Filer.