digital vat

[Steve Bullman]

1 minute ago, doobin said:

From browsing accounting forums trying to get to the bottom of this, it appears that this is not the case. It's the same nine boxes that you currently enter in the portal, but you can't enter them 'manually' via the keyboard. Cue the hundreds of minnow software developers trying to flog a really basic program for £££ that takes figures from a spreadsheet and submits it via the HMRC API. I can't find the link but someone had looked at the code of the API and confirmed that it was just the nine boxes being submitted.

This was how i understood it. I can find nothing suggesting that what Donnk said is correct.

[donnk]

they defo get it all from the online bookeeping apps.

 

Same with CIS but with extra step of having to verify subbies so the data feed is correct and no typo's in company names etc.

 

 

[Steve Bullman]

1 minute ago, donnk said:

they defo get it all from the online bookeeping apps.

not if you don't enter your receipts in...which i don't

[dig-dug-dan]

There is no way you have to show them every reciept and invoice. You just have to send them the spreadsheet workings electronically, which my accountant will be doing for me

[donnk]

49 minutes ago, Steve Bullman said:

not if you don't enter your receipts in...which i don't

so your not reclaiming VAT on them then ?

 

[donnk]

34 minutes ago, dig-dug-dan said:

There is no way you have to show them every reciept and invoice. You just have to send them the spreadsheet workings electronically, which my accountant will be doing for me

yes exactly this has every purchase and every sale listed. Thats how the vat is worked out.

[Steve Bullman]

Yes of course, I mean I don’t scan and save the actual receipts in my accounting software 

[donnk]

ah right, yes no need for that. if they come a knockin you have to stump them up, electronic or hard copy whichever and they best match the data feed !!!

 

I went paperless couple years ago and just scan and attach everything in clearbooks. Added bonus I never have to visit the accountant he has his own login !

 

HMRC has more powers than the rozzers.

[doobin]

3 hours ago, donnk said:

yes exactly this has every purchase and every sale listed. Thats how the vat is worked out.

Yes but only the total figure is submitted via the new API. There is no data upon individual items submitted yet, and apparently no plans to do so as yet. I agree it's probably on the agenda, but it's not happening currently.

 

Of coure, should you be chosen for investigation they will go through your receipts with a fine tooth comb....

[doobin]

Here we go, from accountingweb.com

 

"

Looking through the MTD for VAT API, there is currently only one POST request (method of sending information) which looks like this:

{
"periodKey": "#001",
"vatDueSales": 100.00,
"vatDueAcquisitions": 100.00,
"totalVatDue": 200.00,
"vatReclaimedCurrPeriod": 100.00,
"netVatDue": 100.00,
"totalValueSalesExVAT": 500,
"totalValuePurchasesExVAT": 500,
"totalValueGoodsSuppliedExVAT": 500,
"totalAcquisitionsExVAT": 500,
"finalised": true
}

Which means that at least for now, there is nothing HMRC have implemented for sending anything beyond 9 boxes via MTD."

 

Key word is 'for now' I guess.