UK Making Tax Digital (MTD) Frequently asked questions | Exact Product Blog
Summary
In this blogpost you’ll find some frequently asked questions and answers about Making Tax Digital (MTD) for the UK. For bridging software, a soft landing period will be introduced (April 2019-April 2020) during which an amount of leniency exists regarding the digital transfer of data, however full digital links between the products must be in place 31 March 2020, unless the HMRC has informed them that they are in the deferral group. There is a document that describes the suggested workaround, however to fully meet the MTD requirements then there may be a need to have some consultancy in order to create the XML export file that will need to be created from the Excel spreadsheet, although there will be some leniency until September 2020 in regards to the digital links being in place. Yes, in previous releases the naming convention was period based, even if you were reporting on a quarterly basis, as this was needed for the old XML format. This unique period ID is ascertained as part of the MTD submission and included within the file.
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