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MTD and sales records

22/05/2019 14:25:51
Hi
We are on standard accounting, but majority of our sales are cash sales via telephone, mail or online orders for services provided.

As we are not qualified for retail scheme.

With MTD for VAT, if we type our sales records generated into an compatible accounting software, are they deemed sufficient as digital records for VAT purpose? Do we have to record each single transactions in the accounting software, or can just enter the total for the day ? (there might be hundreds of small value items)?

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Re:MTD and sales records

23/05/2019 07:57:28
Hi,

Thanks for your question.

Yes, typing your sales records into MTD compatible software would be acceptable for digital record keeping purposes.

For each supply you make you must record the: - time of supply - the tax point - value of the supply - the net value excluding VAT - rate of VAT charged so you will need to record each single transaction, rather than the totals for the day.

You can find more information on this subject in Section 4 of the VAT Notice on Making Tax Digital, which you can view online at:

VAT Notice 700/22: Making Tax Digital for VAT
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MTD and sales records

23/05/2019 09:48:52
thanks for your reply.
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MTD and sales records

28/05/2019 07:02:25
Hi there
i am in the same position, however if we have over a hundred sales or even afew hundred sales in a day, do we really have to type them in individually into our software, as that would be extremely time consuming, or can we put a total of days sales, in our software as we are not on a Retail scheme? so we dont produce "z reports"
Thanks
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Re:MTD and sales records

28/05/2019 09:14:02
Hi,

If you meet the conditions for MTD then you will be required to conform with the digital record keeping requirements as per section 4 of this notice:

Digital record-keeping
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MTD and sales records

30/05/2019 09:58:20
To mycomputer, well, that's us told. time to employ another data entry clerk?

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