Update to BTCHub Excel Template
Date Published: August 30, 2019
Category: BTCSoftware News, MTD for VAT, Making Tax Digital, Support
The latest version of our MTD for VAT Excel template is now available. We have updated this as follows:
- Flat Rate Scheme – this capability has been added
- Trading abroad – the workbook now recognizes the different treatments for supplies and acquisitions of goods or services to and from overseas
- Trading with EC Member States – improvements have been made to the reporting of amounts in the VAT Return when dealing with transactions with other EC Member States. This removes the need to adjust or alter formulas in the template
- Bad debt relief – a new section now provides the ability to claim bad debt relief
Check your returns to avoid penalties
During the soft-landing period, HMRC has said they will apply a light-touch approach to record keeping penalties in the first year of MTD for VAT where businesses have made a genuine effort to comply with their obligations. Under these circumstances, we consider now is an ideal time for you to review prior returns and, if necessary, make any corrections via the normal HMRC methods, e.g. via a subsequent VAT return or by voluntary disclosure.
For businesses submitting VAT returns that include international transactions, particularly with other EC Member States, it is important to recognise that procedures for such transactions vary according to whether the supplies are for good or services. Appropriate care must be taken when recording these transactions on VAT returns, and we recommend that our customers check any international transactions have been dealt with correctly on recently submitted VAT returns.