Ftax MTD

Making Tax Digital (MTD) is the new way HMRC require tax data to be prepared and submitted. Its purpose is to make it easier for tax payers to get their tax right and to make tax administration more effective and efficient.

Further details are given here.

Ftax will launch two new products in the New Year to enable the MTD-compliant preparation and submission of VAT returns:

  • Ftax (MTD) Cashbook
  • Ftax (MTD) VAT

Ftax (MTD) Cashbook

The Ftax Cashbook is a simple, low-cost, online accounting service that enables the self-employed, landlords, and small companies to record their incomes, expenses and other business data which is required to pay their taxes. If the business is VAT registered, then data will be automatically totalled every quarter to produce VAT reports. These can then be submitted online to HMRC in an MTD compliant manner.

Accounting for each business may be standard or cash basis. VAT registered businesses may either select the standard or flat rate VAT scheme. More VAT scheme options will be included in the future.

The Ftax Cashbook must be set up before use. Tax agents will be prompted to set up two versions of the Cashbook PDF form, one for themselves and one for their client. The latter features a password to enable the form to be securely transferred to the client. Both copies are synchronised via the Ftax servers so that the agent can view and amend entries which have been made by the client.

Several features have been included in the Ftax Cashbook to make the entry of incomes and expenses easier. The details of frequently used suppliers and customers may be recorded and recurring incomes and expenses set up to generate automatic Cashbook entries.

It is planned to upgrade Ftax Cashbook in the near future to include MTD compliant quarterly self-assessment submissions.

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Ftax (MTD) VAT

The Ftax (MTD) VAT package enables VAT data to be transferred from existing spreadsheets so it can be submitted to HMRC in an MTD compliant manner. The package consists of two parts: a spreadsheet application and the Ftax VAT PDF form. Together they form MTD bridging software able to submit quarterly VAT reports to HMRC.

The spreadsheet application, named the Ftax VAT Link, is first attached to your existing VAT spreadsheets. The VAT Registration number and the VAT report values can then be mapped across to the Ftax worksheet before being exported to a file. This file is then imported into the Ftax VAT PDF form and submitted to HMRC. Business details will have been entered via the PDF form.

Ftax (MTD) VAT supports the four quarterly submissions for that tax year. The VAT reports are recorded along with the submission outcomes. VAT liabilities and payment details may be imported from your HMRC Account.

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HMRC MTD Guidance

Videos available on HMRC's help and support page:

Ftax MTD

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