Making Tax Digital

MTD VAT: A guide for agents - The essentials you need to know and how to ensure you're prepared for the change

Making Tax Digital (MTD) represents a significant change in the way a business maintains its transactions. The implications of this HMRC initiative has the potential to significantly impact both accountants and their clients.

We understand everyone's recordkeeping habits are different, but rest assured IRIS has you covered. Irrespective of the source data delivered by the client, be it online bookkeeping software, Excel or even a bag full of receipts, IRIS has a solution.

At IRIS we want to make MTD as easy and as seamless as possible for our users. To achieve this, we have added this new digital way of reporting into the existing products and workflows.


With IRIS there are three simple steps to MTD compliance:

1. Capture client records

IRIS has a range of solutions to simplify the process of digitising the whole record keeping process including IRIS Snap & KashFlow

2. Finalise the details 

Import the records directly into IRIS using IRIS Connector. Client records stored in KashFlow, Xero, QuickBooks and FreeAgent can be imported seamlessly

3. Submit to HMRC

Once finalised your clients approves the final accounts and Tax returns using IRIS OpenSpace, ready for you to submit to HMRC. 


MTD from IRIS simple, straightforward, effortless

 

Capture Client Records

Capturing client records can be a challenge, however IRIS has a solution for every scenario.

Clients using a bookkeeping solution? Import the trial balance directly into IRIS Accounts Production using IRIS Connector. We support KashFlow, Xero, QuickBooks and FreeAgent. See how easy it is to use IRIS Connector

Records kept in Excel? Import directly into IRIS Accounts Production

Clients maintaining paper records? IRIS Snap is the answer. Clients snap their receipts, IRIS processes them and you import to IRIS Accounts Production. See how IRIS Snap revolutionises clients record keeping: IRIS Snap    


Finalise the Details 

Once the trial balance is in IRIS Accounts Production you can create final accounts, determine tax computations and finalise the tax position. 

For Personal Tax clients you can access the data HMRC holds on your clients. The information automatically populates into IRIS providing significant time saving on data entry, see this video for more details.

Once finalised the details can be shared with your clients to approve using IRIS OpenSpace. This short video demonstrates the process.   






Submit to HMRC 

IRIS users can now make quarterly MTD filings for trading and land & property, make final year-end submissions or complete a traditional tax return. 

With its Autumn 2018 release IRIS enables quarterly VAT submissions to the new HMRC VAT portal.

Read how Rowleys Accountants is using IRIS to make MTD submissions




MTD – we’re ready, are you?

IRIS believes in delivering new compliance legislation as early as possible, allowing you time to get your practice and clients prepared and on board.  

IRIS customers can already access HMRC records allowing for confirmation of client data from HMRC, submit quarterly and year-end confirmation of trading, and land property data. Our Autumn 2018 release will enable VAT filing to the new HMRC VAT portal a full six months before mandation. Click here for more details.

 

 

Pre-population of client data in Personal Tax from HMRC   

Quarterly filing of trading and land & property

Annual filing of trading and land & property

Quarterly VAT filing to new HMRC VAT portal introduced with our Autumn 2018 release

 



 HMRC Pilot Scheme

HMRC's pilot is now open to companies and sole traders, provided they are up to date with their VAT and have not incurred a default surcharge in the last two years.

Companies and sole traders cannot qualify to join the pilot if they:

  • trading with the EU,
  • based overseas, 
  • make payments on account or submit annually, and those 
  • newly registered for VAT that have not previously submitted a VAT return.

HMRC have published the following information and guidance:

Video guides:

 



How IRIS is Helping Accountants

To ensure practices are ready for MTD we have created these helpful user guides.

MTD for VAT Agent setup guide - enure you are ready to make VAT submissions to HMRCs new VAT portal with this step by step guide 

MTD for VAT: A guide for agents - The essentials you need to know and how to ensure you're prepared for the change

MTD for VAT: A guide for businesses - The essentials your clients need to know to ensure they are prepared for the change

 



How IRIS is Helping SMEs

Get ahead of the changes in tax by managing your accounts online today. Join the 70,000 KashFlow users who already create quotes and fully customisable invoices, balance their books and keep track of their business spend, all through digital software.

Try KashFlow today with a FREE 14-day trial and get ready for the digital revolution.

Begin My 14-Day KashFlow Trial

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