Member Article

The Definitive Guide to MVD Bridging Software – What Every Accountant in Practice Needs to Know

Guide Highlights Ten of the Most Suitable Products for Accountants

As part of its commitment to support the accounting profession in the transition to Making Tax Digital (MTD), MyFirmsApp has commissioned a leading tax writer, Allison Plager, to produce an independent and definitive guide to MVD Bridging Software. MVD Bridging Software provides a digital means of moving information to a VAT return to comply with MTD for VAT.

The ‘Definitive Guide to MVD Bridging Software’ filters down the available choices to ten of the most suitable products for accountants. In the introduction, author, Allison Plager refers to accountants being presented with a ‘baffling array’ of solutions with some aimed at businesses rather than accountants or vice versa or both.

“We believe that there is a gap in the market for an independent reference guide that will dispel confusion for accountants in practice,” explains Mike Page, Head of Product Management and Customer Experience at MyFirmsApp, the first and original developer of bespoke Apps for Accountancy firms. “HMRC has published a list of recognised suppliers on its website but other than that, offers virtually no guidance on each product. Our intention is help create order out of the chaos and to give a flavour of what’s available in the market,”

“This is an exciting time for tax,” says Allison Plager, an award-winning journalist and author of an annual taxation technology supplement. “There has been some controversy leading to MTD for VAT implementation and many businesses – and accountants – are likely to feel anxious about the new way of working. However, it is not a time to sit back. Accountants should make sure that not only do they have the right tools to operate MTD for VAT, but so do their clients. After everything is up and running, having to do less compliance manually should free up time to offer clients more and better value-added services.”

MTD for VAT became a reality on April 1st, 2019, when most VAT registered businesses with a taxable turnover above the VAT threshold were faced with using software to submit their VAT returns to HMRC. As Mel Stride told MPs in his statement: “There is no cliff edge on the 1st April; that is the date at which companies are required to keep digital records, but for most companies the first time they will have to submit a VAT return under MTD will be for the first tranche around the 6th August and for subsequent tranches in the months following that date.”

The ‘Definitive Guide to MVD Bridging Software’ features reviews of the ten key bridging software packages and includes contact details, a guideline of price and recommended specifications along with important information regarding those VAT registered businesses that have a deferred date of the 1st October 2019.

This was posted in Bdaily's Members' News section by MyFirmsApp .