Melv 1 Posted April 29, 2019 Hi All, Hope everyone is selling lots of cars/vans, I was wandering as on the next VAT Quarter mine will have to be done on the new MTD system, has anybody used this yet? and if so what systems are people using, i have heard that due to the VAT Margin scheme that the likes of sage etc are no good for this. Any help for a dinosaur who has just about got used to the VAT returns online (Why oh why cant they just keep it simple) Thanks Share this post Link to post Share on other sites
justina3 518 Posted April 29, 2019 in short there is no short answer, have you asked your accountant they often have discounts open to them for different systems a lot of friends of mine have given it to them to file on line for a small charge. Share this post Link to post Share on other sites
Melv 1 Posted April 29, 2019 5 minutes ago, justina3 said: in short there is no short answer, have you asked your accountant they often have discounts open to them for different systems a lot of friends of mine have given it to them to file on line for a small charge. ahh thank you i shall ask them, what a pain in the arse Share this post Link to post Share on other sites
Funny Farm 7 Posted April 29, 2019 Using Xero. I was worried as I'm not accountancy literate but after my accountant set it up for the Margin Scheme I sent my first VAT submission at a click of a button.. Share this post Link to post Share on other sites
RJEauto 18 Posted April 30, 2019 We also use Xero. Just as easy as submitting it previously, the click of a button Share this post Link to post Share on other sites
Nick M.K. 574 Posted April 30, 2019 Can't be as easy, I just spent 50 minutes on the phone with my accountant to go through a month's worth of transactions, she actually needed to complete my annual accounts earlier than usual to get everything in line. She uses Sage, I send her all invoices on paper and some Excel files. She says that most accountants are stuggling with it, not just VAT or car sales related. Share this post Link to post Share on other sites
Mark101 536 Posted May 1, 2019 I have just started using VT from April 1st (my new financial year). Two clicks and it calculates VAT using the margin scheme and submits electronically. Share this post Link to post Share on other sites
trade vet 702 Posted May 1, 2019 We are with Sage,£15 per month,but I am not doing it because I basically think MTD is crap and might turn out like Universal Credit.There is apparently a problem with margin scheme stock.It just seems to me that if you were into fraud ( not meaning car dealers ) it could be easy to scam HMRC with reclaims and apparently fraud is rarely prosecuted these days. It is interesting that something important like MTD is not discussed much on here,yet if someone posts what type of spanner do I need etc....it becomes a hot topic ! Share this post Link to post Share on other sites
Mojo121 229 Posted May 2, 2019 15 hours ago, trade vet said: but I am not doing it because I basically think MTD is crap and might turn out like Universal Credit. What do you mean by this? Share this post Link to post Share on other sites
trade vet 702 Posted May 2, 2019 6 hours ago, Mojo121 said: What do you mean by this? Hi Mojo If you have ever rented property to DSS tenants you would know exactly what I mean regarding Universal Credit and giving them a lump sum every month.Most of them are incapable of managing there own affairs so getting paid is a problem.Regarding MTD,there will be 1000’s of non digital older generation self employed deregister for VAT.I think there will be lots more tax fraud because HMRC will be looking at purchases and sales on line rather than physically looking at your actual paperwork.The mind boggles what people might get up to in order to keep their VAT bill down by’ imputting errors’. Share this post Link to post Share on other sites
It's me 615 Posted May 2, 2019 1 hour ago, trade vet said: Hi Mojo If you have ever rented property to DSS tenants you would know exactly what I mean regarding Universal Credit and giving them a lump sum every month.Most of them are incapable of managing there own affairs so getting paid is a problem.Regarding MTD,there will be 1000’s of non digital older generation self employed deregister for VAT.I think there will be lots more tax fraud because HMRC will be looking at purchases and sales on line rather than physically looking at your actual paperwork.The mind boggles what people might get up to in order to keep their VAT bill down by’ imputting errors’. http://www.mynewsdesk.com/uk/hm-revenue-customs-hmrc/latest_news/tag/tax-evasion#filter-list-items Share this post Link to post Share on other sites
Nick M.K. 574 Posted May 2, 2019 (edited) 23 hours ago, trade vet said: It is interesting that something important like MTD is not discussed much on here,yet if someone posts what type of spanner do I need etc....it becomes a hot topic ! I've often though that about car finance... My reason for not getting deeply involved in the MTD discussion is that for my business the only change will be a minimal increase in annual accounting costs. Our accountants (a separate company) are dealing with all set up and problems that come from MTD so I don't need to get deeply involved. Edited May 2, 2019 by Nick M.K. Share this post Link to post Share on other sites
trade vet 702 Posted May 4, 2019 On 02/05/2019 at 5:28 PM, Nick M.K. said: I've often though that about car finance... My reason for not getting deeply involved in the MTD discussion is that for my business the only change will be a minimal increase in annual accounting costs. Our accountants (a separate company) are dealing with all set up and problems that come from MTD so I don't need to get deeply involved. My understanding is that you are expected to upload daily/weekly all your income and expenditure into ‘the cloud’ so HMRC can keep an eye on your business and probably compare VAT calculations with similar size businesses. Share this post Link to post Share on other sites
justina3 518 Posted May 4, 2019 54 minutes ago, trade vet said: My understanding is that you are expected to upload daily/weekly all your income and expenditure into ‘the cloud’ so HMRC can keep an eye on your business and probably compare VAT calculations with similar size businesses. That was mentioned when the system was first thought of a kind of things to come vision, the first part of the new system was to remove the option to submit in paper format and remove the old fill the boxes on line system, this still has not fully been activated as HMRC could not get all the softwear companies to develop the different systems of accounting for vat the margin scheme being the biggest one there are a few to do with live stock and imports exports ect. There are of course packages that offer this service my understanding that HMRC would have been in trouble if they supported just a handful of softwear companies so its as normal as shambles and "a work in progress issue" Share this post Link to post Share on other sites
Nick M.K. 574 Posted May 4, 2019 1 hour ago, trade vet said: My understanding is that you are expected to upload daily/weekly all your income and expenditure My accountant didn't mention any such thing so for now it's probably not needed. Watch this space though... Share this post Link to post Share on other sites
Anglo9 26 Posted May 14, 2019 Hi all , just completed first VAT return via the HMRC gateway , not sure who recommended 'vitaltax' on here a few weeks ago but works a treat .I just use Excell and this program sort of 'fits' inside your spreadsheet and then bridges to the new HMRC site . Free for the first year then £1 per month , pretty simple to set up Share this post Link to post Share on other sites
