As mentioned in the blog post MTD update, there was a webinar about MTD on April 17th. In this blog post we provide a brief summary of what has been discussed in the webinar. You can view the entire webinar in the “Demonstration of using MTD in Exact GLobe” section of this blog post.
What is MTD?
Businesses registered for VAT with a taxable turnover above the VAT registration threshold of £85,000 will need to keep VAT records digitally and their VAT returns using MTD compatible software. This will start from their first VAT period starting on or after 1 April 2019.
What does this mean for me as an Exact Globe user?
VAT returns due for the VAT period starting on or after 1st April 2019 must be sent directly to HMRC from Exact Globe and without any manual intervention.
What do I need to do to be ready?
- Sign up to the MTD service via the HMRC website.
- Make sure the JAVA_HOME environment variable is set.
- Know your user ID and password to the Government Gateway
- Complete the new Exact Globe authorize credential setting via System ➔ General ➔ Settings ➔ Company Data Settings
In which version of Exact Globe is MTD available?
Making Tax Digital is only available in Exact Globe 416SP15 and Exact Globe 417SP7 (released on April 12th 2019). Make sure you have installed one of these versions, otherwise MTD will unfortunately not work.
Demonstration of using MTD in Exact Globe
For a short demonstration about how MTD works in Exact Globe you can view the webinar below. The demonstration starts at 7:38 minutes.
For more information about MTD you can consult the links below: