Here is simple MTD software for flat rate VAT. It is compatible with MTD and allows you to not only keep digital records of all your transactions but also submit VAT Returns in just a few clicks.
Making Tax Digital (or MTD) is an HMRC initiative that aims to streamline the tax submission process and cut down on waste by making the system completely paperless. You don’t have to login to HMRC’s portal anymore to submit the MTD VAT returns.
TopNotepad’s MTD software for flat rate VAT is a very simple tool for keeping digital records of invoices and expenses. You can create VAT compliant invoices and record purchases to claim input VAT. The software automatically creates VAT form based on the invoices and expenses data. The final VAT return can be submitted without visiting HMRC’s portal as the software integrated with HMRC via API and lets you submit digital returns. Upon successful submission you receive a confirmation email from HMRC.
Independent contractors, individuals who are business owners, self-employed, have limited budget for back office work like invoicing and accounting. The biggest advantage of using a MTD software for flat rate VAT is saving in time as well as money. By using software you could reduce the fees you have to pay to your business accountant and it saves time too as you can easily access organized records of all your transactions instantly.
In the flat rate scheme tax payer cannot claim input VAT, instead they have to pay a flat rate on the total invoice value including VAT. This rate is below the standard VAT rate.
Please note, MTD applies to all VAT registered businesses across all VAT accounting schemes (i.e., standard, flat-rate or cash) and it will be soon extended to include self-employed, freelancers and small businesses. This means that, even if you don't fall under MTD now, eventually you will need an MTD-compliant software-based accounting solution. The good news is that there are many accounting software service providers recognized by HMRC. Almost all MTD software for flat rate VAT service providers offer the same features, it’s just that you may feel more comfortable with TopNotepad’s design over others as it is very intuitive and simplified even a novice in accounting can use the software without any training or support.
Making Tax Digital (or MTD) is an HMRC initiative that aims to streamline the tax submission process and cut down on waste by making the system completely paperless. You don’t have to login to HMRC’s portal anymore to submit the MTD VAT returns.
TopNotepad’s MTD software for flat rate VAT is a very simple tool for keeping digital records of invoices and expenses. You can create VAT compliant invoices and record purchases to claim input VAT. The software automatically creates VAT form based on the invoices and expenses data. The final VAT return can be submitted without visiting HMRC’s portal as the software integrated with HMRC via API and lets you submit digital returns. Upon successful submission you receive a confirmation email from HMRC.
Independent contractors, individuals who are business owners, self-employed, have limited budget for back office work like invoicing and accounting. The biggest advantage of using a MTD software for flat rate VAT is saving in time as well as money. By using software you could reduce the fees you have to pay to your business accountant and it saves time too as you can easily access organized records of all your transactions instantly.
In the flat rate scheme tax payer cannot claim input VAT, instead they have to pay a flat rate on the total invoice value including VAT. This rate is below the standard VAT rate.
Please note, MTD applies to all VAT registered businesses across all VAT accounting schemes (i.e., standard, flat-rate or cash) and it will be soon extended to include self-employed, freelancers and small businesses. This means that, even if you don't fall under MTD now, eventually you will need an MTD-compliant software-based accounting solution. The good news is that there are many accounting software service providers recognized by HMRC. Almost all MTD software for flat rate VAT service providers offer the same features, it’s just that you may feel more comfortable with TopNotepad’s design over others as it is very intuitive and simplified even a novice in accounting can use the software without any training or support.