TaxCalc Blog

Confirming our Spreadsheet, Income Tax and VAT Filing Functionality as part of our MTD Solution

When HMRC revised its proposals for MTD (in July 2017) we were already on track developing our innovative, modular MTD solution comprising Cashbook, MTD Business Tax and Tax Return Production.

When TaxCalc MTD was unveiled at Accountex, we reassured the accounting community that our MTD strategy would accommodate spreadsheet users to record transactions for compilation into an online quarterly submission for HMRC.

Following further announcements from HMRC regarding VAT compliance, we can confirm that our VAT Filer solution will also be ready for the submission of VAT returns under MTD.

Here’s how it will work:

Set up

• The accountant sets up a spreadsheet to capture information however they choose.
• TaxCalc will provide an import sheet that is added to the accountant’s spreadsheet.
• The accountant links cells in their recordkeeping sheet to the import sheet.

Reporting Income Tax under MTD

• TaxCalc MTD Business Tax will import the data from the sheet and compile a submission to HMRC.

 Reporting VAT  under MTD

• TaxCalc VAT Filer module will be updated to import the data from the sheet to form a submission.

 Multi-source data import capability

Both TaxCalc MTD Business Tax and TaxCalc VAT Filer will be given the capability to import data from a variety of sources, such as Xero and Quickbooks, to enable a single submission channel to HMRC.

A Cloud-based MTD solution

TaxCalc Cashbook is an entirely new Cloud product under development that is designed for accountants and clients to capture records in a familiar manner and submit these to HMRC either directly or, if the practitioner wishes, through TaxCalc MTD Business Tax.