Ready for Making Tax Digital?
Validated Excel Spreadsheet
How does it work?
- Post all transactions into Xero - digitally ready beyond 2020 -
- Review (not redo) your client's work directly in Excel using the DataDear MTD template.
- Post ALL transactions (both income and expenses) to Xero using DataDear.
- From within Xero, submit the VAT return to HMRC.
- One solution - Keep all clients compliant using Xero.
- Designed by accountants for accountants.
Find out more or try DataDear Excel Add-In for free.
Used by 2,000+ accountants & bookkeepers worldwide
2-way integration between Excel and Xero
Rated 5 stars on the Xero marketplace
Book your preferred slot for a DataDear focused webinar! We look forward to meet!
You are a click away from connecting your Xero organisation/s to DataDear Excel Add-In.
You can pull from and push data back in Xero directly from your Excel.
TABLES & REPORTS
DataDear fully utlizes the Xero integration giving you access to all tables & reports.
Your data remains securely stored on Xero’s servers.
Making Tax Digital in the UK
Get set for digital returns
HMRC have set out their intentions to become one of the most advanced tax authorities in the world by enhancing the customer experience whilst also closing the tax gap. They aim to do this through the Making Tax Digital initiative, which will transform how HMRC deal with their customers.
So what does this mean for VAT registered businesses?
HMRC There are three key digital components to Making Tax Digital for VAT (MTDfV):
1. Digital records
Although this does not mean businesses will have to store each invoice and receipt digitally, the transaction data will need to be stored digitally. This includes an AP and AR transactional listing and a digital VAT account from which the VAT return is prepared.
2. Digital links
VAT returns must have digital links to digital records – spreadsheets can remain, but they will need ‘digital links’ to source systems. HMRC has announced a soft landing period of 12 months, however digital links will be mandatory from April 2020.
3. Digital submission
At present, most businesses submit their VAT returns through manually re-keying into HMRC’s online portal. This will no longer be permitted once Making Tax Digital comes into force and instead, VAT return submissions must be done digitally via HMRC’s Making Tax Digital API. Digital submission of VAT returns will be required for most businesses for periods starting on or after 1 April 2019.
Who does it affect?
Making Tax Digital (MTD) covers both individuals and businesses across a number of taxes. For businesses over the VAT registration threshold, VAT is the first tax selected for digitalisation in the UK. This will take effect from 1 April 2019 for most businesses. For Income Tax and Corporate Tax, MTD will not be mandated until April 2020 at the earliest.
DataDear is a wonderful Excel add-in designed for
Connect your Xero Accounting to your spreadsheet to refresh and push data directly from Excel