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Post Info TOPIC: MTD


Master Book-keeper

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MTD


Morning folks

 

Some fab news, announced yesterday and pinched from another site.....

 

''I am very pleased to be able to say that we have just announced on our web site that we will be implementing MTD directly into VT Transaction+ and VT Cash Book. We will be emailing customers next week. See www.vtsoftware.co.uk/mtd

Philip Hodgson
VT Software''

Ive just done a stupid thing and clicked on the 'mark all messages as read' so I really shouldnt be let loose on the other responses, but I will take a look at those when Im woken up!!!!!  Bloody hell, this last few weeks has been a NIGHTMARE.

But thought I should share this fab news.  

Im sure some other software users will still not consider VT as an option even just for MTD filing.   Or think they still need to go cloud based.  Bonkers that makes them,  or mugs/lemmings etc.

 

 



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Joanne  

 

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Guru

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Hi Joanne,

That is good news indeed but I do feel sorry (not) for all the people that have already jumped ship   biggrin

But it would be even better news if MTD is postponed or even scrapped altogether.



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Doug

These are only my opinions of how I see things and therefore should not be taken as advice



Expert

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That's brilliant news - thanks for the heads up about it.

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Vince M Hudd - Soft Rock Software

(I only came here looking for fellow apiarists...)



Forum Moderator & Expert

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Artois wrote:

 

Hi Joanne,

That is good news indeed but I do feel sorry (not) for all the people that have already jumped ship   biggrin

But it would be even better news if MTD is postponed or even scrapped altogether.


I didn't (smug grin on first line)... But was certainly not looking forwards to having to get VT to work alongside something else.

And full agreement on the second line.

 

 

Cheers for the heads up Joanne. biggrin

Think that all the Lemmings have already jumped.

 

 

 



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Shaun

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Woo hoo, it's an early Christmas pressie :) thanks Joanne,

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Janet

They keep making the system idiot proof but then make bigger and better idiots!



Master Book-keeper

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Thanks Joanne, that's excellent news, and hopefully I won't need bridging software at all now. (Pandle say they are working towards it and that's the only other bookkeeping software I use) 

 



-- Edited by Leger on Sunday 9th of December 2018 02:35:00 PM

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John 

 

 

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Forum Moderator & Expert

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Got the update today.

MTD is implemented through VT Transaction+ so no worries about needing to move up to VT Accounts for people. However, for those who don't, know that gong fowards there will now be an annual charge of £75.

Here is the full wording :

MTD
As you are probably aware, HMRC are changing the method used to file VAT returns. This is part of HMRCs Making Tax Digital (MTD) strategy.

For VAT return periods commencing on or after 01 April 2019, most businesses will no longer be able to enter the VAT return totals directly onto HMRCs web site. Instead, VAT return totals must be transmitted directly from the accounting software used by the business or from bridging software. Bridging software products digitally import the VAT return totals from accounting software and transmit them to HMRC.

In a change of policy, VT will be implementing MTD directly into VT Transaction+ and VT Cash Book (instead of relying on third party bridging software). This feature will be available by the time the first quarterly VAT returns need to be filed under MTD in July 2019.

VT will also be developing an Excel based bridging product for use with VAT groups and other situations where the VAT return cannot be transmitted directly from VT Transaction+.

To keep up to date with MTD, please visit VTs website at www.vtsoftware.co.uk/mtd.

Subscription costs
The VT Accounts suite will continue to include VT Transaction+. The price of a VT Accounts subscription will remain at £150 + VAT per annum. A premium will no longer be charged in the first year of purchase. A VT Accounts license will be required to use the MTD features in VT Transaction+ as an agent.

For VT Transaction+ only users, the next release of VT Transaction+ will require an annual license key. The cost of a license key will be £75 + VAT per annum, including support. The new price will apply from 1 February 2019. All existing keys will continue to be valid in the current version indefinitely and in the new version until 30 June 2020. Users without a valid key will still be able to read data but they will not be able to enter new transactions.

VT Cash Book will remain free except that a VT Accounts or VT Transaction+ license key will be required for the MTD features.

Now, to me that sounds good news all round in that the alternatives were more expensive and with this option everything remains integrated for a small annual fee for whch you can still have unlimited clients and an annual charge will help to keep VT going where I know that some pay once then thats it forever... Which is still an option but you wouldn't have the ability to file MTD returns.

HTH,

Shaun.



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Shaun

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Guru

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Cheers Shaun, thanks for the update

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Doug

These are only my opinions of how I see things and therefore should not be taken as advice



Expert

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One of my biggest issues with 'subscription' software had been the risk of data becoming inaccessible if the subscription is not kept up - it's one of my beefs with the use of cloudy packages, for instance.

So it's quite pleasing that although VT will be moving to a subscription basis, not only is that subscription not unduly excessive, but that (quoting Shaun's quoting of the email):

"Users without a valid key will still be able to read data but they will not be able to enter new transactions."

That is exactly how things should be. So well done to VT for taking this sensible approach.

My planned solution to the MTD issue was going to be to use a RISC OS accounts package called Prophet as a bridging solution (it's an old package which is now being given some love, and the developer looking after it is currently working on adding MTD support). I'm going to use it for my own accounts anyway - but I could have also exported VAT data from software like Sage, imported into Prophet, and then used it to make VAT submissions.

However, with this news from VT, I'll almost certainly go that way for MTD submissions instead. After all, VT will be running not just on the same OS as Sage, but the same physical computer. It's not in the slightest bit difficult to move stuff between platforms, but VT makes it unnecessary.



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Vince M Hudd - Soft Rock Software

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Thanks Shaun, I hadn't had time to look at the full detail yet.

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Janet

They keep making the system idiot proof but then make bigger and better idiots!



Senior Member

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It's great news Joanne

I was so excited when I received this email that I posted before reading this post and realising you had already shared the good news. Doh!!

I spoke with an accountant the other day who I was surprised had never even heard of VT. It might now look like a more viable option to people who had not considered it before.



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Master Book-keeper

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biggrinbiggrin

Arent we amused by some strange things!!! biggrinbiggrin

But always good to save some dosh (for us and/or for clients) and its such a straightforward bit of kit to use.

biggrinbiggrinbiggrin

Thanks for posting the announcement email Shaun.  



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Joanne  

 

Winner - Bookkeeper of the Year 2015, 2016 and 2017

Thoughts are my own/not to be regarded as official advice,which should be sought from a suitably qualified Accountant.

 



Master Book-keeper

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Shamus wrote:

Subscription costs
A VT Accounts license will be required to use the MTD features in VT Transaction+ as an agent.

VT Cash Book will remain free except that a VT Accounts or VT Transaction+ license key will be required for the MTD features.

Now, to me that sounds good news all round in that the alternatives were more expensive and with this option everything remains integrated for a small annual fee for whch you can still have unlimited clients and an annual charge will help to keep VT going where I know that some pay once then thats it forever... Which is still an option but you wouldn't have the ability to file MTD returns.


 So the way I'm reading this is that if I want to use VT to submit VAT as an agent, I will have to pay an annual subscription for VT accounts, but someone using VT transaction + or VT cash book for their own accounts wil need to pay £75 per annum if they want to submit VAT

I'm ok with that although it would be cheaper for me to use bridging software, as I only have 4 VAT clients at the moment.  However I agree with Shaun in that we should support VT, it's not a mashoosive amount anyway. What would be nice is for VT Accounts to be able to do the CT600 filing, then I could ditch taxfiler.  I didn't renew my VT Accounts when it ran out because it was just as easy to transfer the VT + data direct into taxfiler and send it from there, but I did like the seamless transition with VT Accounts.  I'm expecting taxfiler to go up in April so I may well be looking for different filing options anyway.



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John 

 

 

 Any advice given is for general guidance and professional advice should be sought applicable to your circumstances.

Jay


Senior Member

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I must admit I missed this........excellent news.

Thank you

 

 

Jay



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