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Twinfield : Making Tax Digital

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Article No:000010333
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Twinfield and Making Tax Digital (MTD)

March 2019 – Webinar: EU Sales and Purchases - how to process these so they appear correctly in your VAT return
Link here : 
https://youtu.be/V5_GSdvSvqY

This webinar was specifically for businesses that import/export from/to the EU and use (or should use) the EU purchase and sales VAT rate codes.  We showed you how your EU VAT rate codes should be configured to ensure that EU transactions are correctly reported on your VAT return.  We also answered questions relating to EU transactions and MTD in general.

 
March 2019 – Webinar: Processing externally calculated adjustments back in to Twinfield 
Link here : 
https://youtu.be/Sa0XYU_RMog

This webinar was specifically catered to businesses who need to make adjustments externally to Twinfield before processing their VAT return.  You should watch the recording of this webinar if you make any adjustments to the Twinfield VAT calculations.  This may be due to your business being registered for a non-standard VAT scheme such as partial exemption, Flat Rate VAT, Gross Margin, etc, or your business may be set up in Twinfield with a base currency that is not GBP.  In this webinar we also covered how you will submit your VAT return from within Twinfield if you have a VAT Group although MTD for VAT groups does not become mandatory until 1st October 2019.

Spreadsheet examples attached to this KB article


January 2019 – Demo of Twinfield Making Tax Digital functionality

Please read/watch the following:
Twinfield MTD demo/Q&A webinar 25-1-19: https://youtu.be/Qihy4a6dfss
FAQ document–questions asked during the webinar, and the answers: PDF attached to this article
Draft documentation to get started with MTD: PDF attached to this article


September 2018 MTD Q&A webinar

This video is a recording from our September 2018 monthly Q&A webinar during which we discussed the changes we will be making to Twinfield for MTD, and the processes that users will need to follow for non-standard VAT schemes.The 45 minute video can be watched via this link: https://youtu.be/CX9LppPPGTA

HMRC VAT Notice 700/22: Making Tax Digital


During the webinar we referred to HMRC’s VAT Notice 700/22: Making Tax Digital for VAT.  This can be found here: https://www.gov.uk/government/publications/vat-notice-70022-making-tax-digital-for-vat/vat-notice-70022-making-tax-digital-for-vat

Related Videos:

How to create an EU VAT Code: https://www.youtube.com/watch?v=DUrkDLXnKb8
 
How to Create a Tax Group: https://www.youtube.com/watch?v=nSRZKxCXHuE
 
How to create a VAT Filing Company (if required in order to submit your MTD VAT return from a separate Twinfield company): https://www.youtube.com/watch?v=bjjghhEBNaY
 

Related Twinfield knowledgebase articles:

Reverse Charge VAT: https://wkuktaa.secure.force.com/knowledgebase/articles/Article/10391

VAT return: https://wkuktaa.secure.force.com/knowledgebase/articles/Article/9834

Creating a VAT return: https://wkuktaa.secure.force.com/knowledgebase/articles/Article/10872

VATReporting/Functionalityhttps://wkuktaa.secure.force.com/knowledgebase/articles/Article/9850
Answer
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