Making Tax Digital (MTD) is a legal requirement for VAT-registered businesses with a taxable turnover above the VAT threshold. Companies are required to use HMRC’s Making Tax Digital service to keep records digitally and use software to submit their VAT returns from 1 April 2019. The only exception are companies that have complex VAT requirements, who have until 1st October 2019 to comply.
Over the past few months we’ve heard, from a number of past customers and friends, that a number of legacy software providers are charging significant sums of money for this MTD functionality. In some cases, they told us that the only way to receive the module to enable their system to be MTD compliant is to pay for ALL of the years of support that they’ve missed in order to qualify!
We don’t think it’s right that a statutory requirement for accounting software should be a chargeable extra, so we approached the original Exchequer® Software founders (who sold the company in 2005) and asked them to write something for us.
It turned out to be relatively straightforward and not too costly for us to develop an application (app) that works as “bridging software” – which automatically takes the totals from your VAT Return (exported from your current accounting system), and sends those values to HMRC in the required format.
As a gesture of goodwill and an introduction to our organisation, as you may wish to use our training, customisation and integration services in the future, we’ve decided to give it away! Therefore, if you are an existing legacy software user who is being told that you might face a hefty bill, just to stay compliant with this simple tax filing change, fear not; register with us and we’ll get the app delivered to you immediately. (our app does not work for all legacy software, please contact us for details).