MTD’s Bridging Softwares and Their usage
ASSOCIATION OF CERTIFIED DIGITAL ACCOUNTANTS (ACDA) has the expert level capability and working on the variety of Making Tax Digital (MTD) Bridging software like Sage, QuickBooks, SAP, SAPA, SAGE Compliance, Excel, Xero and Sage One.
ACDA qualifications are internationally recognised, meeting the needs of employers, government and learners, both now and in the future for the purpose of the digitisation of accounts. ACDA qualifications equip learners with real work scenarios for all accounting practices including digital accountancy & the MTD.
If you are thinking MTD bridging software, ACDA is here to explain the bridging software which have their own bridging options and why to choose MTD-compliant solutions of the ACDA.
About the MTD bridging software
ACDA provides learning programmes to keep all VAT records in a digital format and submit the VAT return through MTD-compliant software. The best way is to use MTD-compliant software such as Sage, QuickBooks, SAP, SAPA, SAGE Compliance, Excel, Xero. These software work as a bridge between the digital spreadsheet and HMRC. As a result, you can keep client’s financial records in a spreadsheet-like Excel or Google Sheets after that the bridging software is used to submit the final figures for each of the 9 VAT boxes to HMRC. When you submit a VAT return to HMRC you can choose between using the standard MTD e-filing process or the bridging software. The difference is, standard VAT e-filing uses data that’s held within MTD bridging software, whereas the bridging software pulls in the 9 boxes from a spreadsheet of your selection. You can use other advantages of MTD bridging software like sending and tracking invoices and automatic transaction categorisation.
MTD solution for clients
ACDA has customised and tailored solutions depending on the needs. MTD software are flexible and anybody can decide every time you come to submit a VAT return. Obviously, if anybody want to submit using the standard MTD e-filing he/she would need the financial data in these one of these software. There are some cases where Making Tax Digital bridging software are the only solution and ACDA provide complete training in relation to the MTD bridging.
Xero Bridging software for Making Tax Digital
ACDA have extensive experience and capabilities in Xero bridging software; KBM has the honour of preparing Xero accountants since over than 10 years and trained hundreds of learners in Xero. ACDA is pleased to offer assistance and training 2in the bridging software solution.
MTD for VAT becomes compulsory for most VAT registered businesses with a taxable turnover above the £85k VAT threshold from 1 April 2019.
But with more than a million businesses affected by the new scheme, many accountants are struggling to convert clients to MTD-compatible software in time.
How it works
Companies will still be able to use a spreadsheet to calculate VAT and keep digital records. Xero bridging software will allow them to upload VAT figures directly from the spreadsheet into Xero where you can submit your clients MTD VAT return securely and in real-time to HMRC. The bridging software solution is available in all Xero plans that support VAT. As well as ensuring compliance, Xero’s suite of MTD-ready products have built-in functionalities that will save you and your clients precious time when it comes to VAT. Features include:
- Knowing which VAT Returns are due
- Keeping a history of the VAT Returns that have been filed
- Calculating how much VAT is due
- Identifying the method of payment and
- Posting VAT Returns in real time.
- Resources to help you with MTD
- •The Digital Accountant
- •UK is Transforming into Digital Accounting
- •MTD Demands Accountants in Trusted Advisory Role
- •All about Preparation of MTD
- •Readiness for Making Tax Digital
- •Analysis of Internal Systems
- •MTD’s Bridging Softwares and Their usage
- •Dissemination of MTD
- •Encouraging Economic Effects of MTD on UK’s Small Businesses
- •Get Ready for Making Tax Digital
- •MTD - Making Tax Digital is on
- •MTD: It’s Time of Action for Accountants and Bookkeepers
- •Preparation of Accountants and Clients for MTD