mtd infographic online - amazon s3€¦ · phase 2 to keep digital vat records and send vat returns...
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Guestline recommend you seek the guidance of a suitably qualified external tax advisor for aspects as Making Tax Digital in relation to your own business
tax compliance matters. More information.
How it Works
Transaction data stored in PMS
1 Guestline PMS
Information is dropped into a file in a specific location on the devices
with Financial Export Tool installed
3 Property Devices
Extracts through API the end of day figures requested in a specific format For example revenue and payment by analysis code, nominal code or financial system codes.
2 Guestline Financial Export Tool
VAT return is submitted via Making Tax Digital API
5 HM Revenue & Customs
MTD compatible software has the ability to request the file generatedGuestline has a number of pre-defined export templates available for the main accounting systems, talk with us to see if we have one for yours.
4 Primary Accounting System
HM Revenue & Customs Making Tax Digital (MTD) is an overhaul of the UK VAT system
It replaces manual processes and record keeping with digital ones, aiming to save time, reduce errors and cut the risk of penalties.
HMRCMaking Tax Digital
Contact Guestline about ourFinancial Export Tool
Get compliant with new HM Revenue & Customs’ Making Tax Digital rules,automate the process and save time.
Take Action Today
Phase 1
Phase 2
To keep digital VAT records and send VAT returns to HMRC using MTD compatible software. The same nine data points apply as it was before and information relating to the summarised totals on a VAT return can still be audited back to individual transaction line items.
What is Required?
Contact your current finance and accounting system providers Make sure they are keeping digital records and exchanging data digitally with HMRC through the Making Tax Digital service. A list of providers is available in HMRC website.
Vew Providers
Take Action
If more than one application is used to gather the information to submit a VAT
return, data that flows between those applications must be exchanged digitally.
Currently it is common practice to create a manual journal at the end of a business period to transfer sales,
payments and control accounts into the primary finance and accounting system.
What is Required?
1st April 2019 - All UK VAT registered businesses with a turnover of £85k+
Some VAT reporting businesses are viewed as complex by HMRC, such as those within an HMRC approved VAT group
filing singular VAT returns. These businesses have a separate MTD compliance launch date of 1st October 2019.
Who and When? 2019
1st April 2020 - All UK VAT registered businesses with a turnover of £85k+ Some VAT reporting businesses are viewed as complex by HMRC, such as those within an HMRC approved VAT group filing singular VAT returns. These businesses have a separate MTD compliance launch date of 1st October 2020.
Who and When?2020
Speak to Guestline about our Financial Export Tool
Guestline’s Financial Export Tool fulfils this new requirement, as the data is transferred digitally.
Enquire Now
Take Action
Visit Website Get Compliant