WHAT IS MTD?
MTD is that digitally generated records by all registered businesses with VAT above the VAT threshold must be kept and sent to the Her Majesty’s Revenue and Customs (HMRC) system using third-party commercial software.
It includes three point especially;
- All data must be recorded digitally.
- Data must be transferred from one system to other digitally.
- VAT return must be provided to HMRC system via HMRC’s API.
All enterprises that has VAT over the VAT threshold (85.000 £ /year) must create digital tax account and send VAT return file to HMRC system on line quarterly after April, 2019. Enterprises that has KDV under the VAT threshold can be registered in this system voluntarily.
HMRC specified that following groups will be out of this scope;
- Who cannot use digital tools for reasons of religion, age, disability, remoteness or any other reason
- Charities, (although trading subsidiaries of charities will not be exempt)
- Unincorporated businesses and landlords with annual sales below the £10,000 threshold
For a small minority of businesses that have more complex requirements, we have made the decision to defer mandation by 6 months to ensure there is sufficient time for testing the service with them in the pilot before they are mandated to join. These businesses have until 1 October 2019 to start keeping records digitally and using MTD-compatible software to send their VAT returns to HMRC.
Records must be kept for 6 years. (If VATMOSS is used, they are kept for 10 years)
NETLE MTD SOLUTION
With Netle Yazılım –Global e-Transformation infrastructure and datas which are congruent with MTD requirements and legal mandatories can be prepared. Netle MTD solution which is created with electronic management tools or user interface by the scope of specific rules submit VAT returns digitally to HMRC and view VAT obligations, liabilities and payments. Netle MTD solution archives legal data within the boundaries of the European Union according to customer requirements.
Throughout the entire process, the Netle Tick Tock System (NTTS) support platform provides 24/7 support for questions / problems.
- MTD Cockpit for SAP
- Retrieve VAT obligations
- Submit VAT return fort he period
- View submitted VAT returns
- Retrieve VAT liabilities
- Retrieve VAT payments
Netle MTD solution is listed on the HMRC “Find Software for Making Tax Digital for VAT” web-page.
For more information about Netle MTD solution, please contact us via email@example.com