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Closing the gap
KEY POINTS
- Is it necessary to convert accounting systems to cloud accounting software to remain compliant with Making Tax Digital?
- The spreadsheet retains an important role in accounting systems.
- Spreadsheets are digital software so cloud accounting software should not be necessary if the only purpose is to file a VAT return.
- Bridging software will enable data to be sent from the spreadsheet to HMRC’s Government Gateway.
- HMRC has relaxed the rules on digitally linking third-party software with bridging software until 2020.
- Spreadsheets will remain a vital tool for businesses for which off-the-shelf accounting software is unsuitable.
Since the news that Making Tax Digital (MTD) for VAT would go live in April 2019 many accountants bookkeepers and business owners have concluded that the only way to be compliant would be to stop using spreadsheets and convert to cloud accounting software.
Because of the complexities of their clients’ businesses many accountancy practices have adopted this model...
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