MTDfVAT has an exciting new update, sure to make your life easier if you’re looking after a group of companies’ VAT Return.
The new feature allows you to pull data from multiple sources into MTDfVAT and build up a VAT Return using several imports. This means that you can export data directly from your bookkeeping and sales software to build the consolidated VAT Return within MTDfVAT. All of the data used to build the VAT Return therefore is digitally linked and compliant with HMRC MTD for VAT rules.
Group VAT will be especially helpful where a group of companies or divisions are using various different software for bookkeeping and sales. The import function allows you to draw data from each company’s software and consolidate it ready for submission to HMRC.
When you’re happy with the return, you can easily transmit the data to HMRC from within MTDfVAT. If you need to make amendments it is simple to delete the relevant import from the VAT Return and re-import it if needed. You can also discard the VAT Return if necessary.