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With the UK taxation system in the midst of massive change, you are likely seeing adverts for what is known as ‘Making Tax Digital’. Otherwise known as MTD, this has been a slow-burning process that finally looks in the process of moving forward. This is not only going to make taxation easier to handle, but it’s going to ensure that less money is lost out by the taxation process. At the moment, many mistakes are made, and problems exist purely on the basis that the system is so ungainly. While MTD is not yet ready, one version of it is: MTD for VAT.
At the moment, those who fit into the VAT threshold are required to move onto MTD for VAT. This will mean that you now spend far less time doing one big tax return, instead filing four smaller tax returns across the year. To do that, though, you are going to have to use one of the many MTD for VAT compliant software packages.
Many people do not realise that their old software solution might not sign up to be part of the agreed list provided by HMRC. If the platform you use for your VAT filing at the moment is not going to be moving to MTD for VAT, then you must look for a more ready to use solution. For example, MTD for VAT can provide you with all the help that you need to locate a software solution that is compatible.
What matters in MTD for VAT software?
First off, it has to be HMRC compatible. If HMRC do not accept it as a solution, then it cannot be used to put your filing and your return in. It must meet a certain service criteria that, if it does not, will mean that it cannot be part of the process. As such, MTD for VAT is a very popular place for you to start when you are looking for something very particular.
It also must be able to give you all of the features that you need to quickly and accurately count your VAT calculations. If it makes your job harder than it is to do all of on your own, then you might wish to look for an alternative software platform.
Good, high quality support is a must. If you have a problem with any feature or you would like help in using the platform, then it must have a good and solid support platform in place that allows for you to easily handle all of this on your own. If there is no real-time support, then consider looking for an alternative.
What you should be looking to do, then, is make informed decisions on the kind of MTD for VAT software that you will use. Many features will be needed, but the most important of all is HMRC compatibility. Without that, you are in a tough place. So, start looking around and before long you should find a whole host of reliable MTD for VAT software options. Make the right choice, and taxation will soon feel a whole lot less trying!
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