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TaxCalc’s MTD Journey

At TaxCalc, we’re committed to supporting agents and businesses alike on their digital journey, preparing each for the changes and challenges ahead. We’re working hard to make sure that our software provides all the solutions you need to help you comply with MTD’s requirements.

Our main focus has been to ensure that you have all you need to make your own MTD journey as simple and hassle-free as possible.

Here’s what we’ve achieved so far in our software:

Self Assessment Pre-Population APIs Phase 1

Although not publically known as relating to MTD, HMRC released a set of Application Programming Interfaces (APIs), that enabled taxpayers and authorised agents to access HMRC data via third party software for pre-populating SA100s.

We responded with enhancements to TaxCalc Tax Return Production, making this task simple and intuitive. All you have to do is select 'Fetch' and the software will request the required information and pull it into the SA100 for you. Currently this is the data you can access:

  • Employment income and tax deducted
  • Benefits in kind received from employment (P11D)
  • Pensions (not State pension)
  • Incapacity benefit
  • Jobseekers allowance
  • Tax refunded or set off by HMRC
  • Marriage allowance status
  • HMRC will confirm if the individual is claiming as a transferor or recipient of the allowance
  • Marriage allowance eligibility
  • HMRC will confirm if an individual is eligible to make a claim
  • National insurance
  • Total Class 1 earnings between the primary threshold and upper limit
  • Total charge due for Class 2
  • Confirm if the maximum contribution level has been reached for the year

Phase 2 – watch this space

HMRC has announced Phase 2 of their Self Assessment Pre-Population APIs. We’re keeping a close eye on HMRC’s progress and we’ll be looking to implement these as soon as possible. Phase 2 means you’ll be able to fetch data with just one request and the information will be more readily available.

Integration with third parties for seamless digital record keeping

Rather than single-handedly conquer the MTD universe, we see our time and investment better spent opening our software up to third parties via APIs to provide a flexible and holistic way for you to comply to HMRC’s MTD requirements.

As you'll know, one of these requirements is the need to keep digital records using a spreadsheet or online accounting/bookkeeping software. Our MTD integration platform allows you to pull data from all spreadsheets, plus Xero, FreeAgent and Quickbooks bookkeeping software. Look out for more integrations, including two-way integration, in the very near future.

Making Tax Digital for VAT

TaxCalc VAT Filer lets you view and submit VAT Return data using HMRC's MTD for VAT service and comes with many other smart features, such as importing digital records from spreadsheets and other sources, to make the switchover simple and easy.

For those businesses that aren't required to register for MTD, don’t worry, VAT Filer supports dual services - so you can continue to file using the government gateway, making use of seamless integration to MTD when required.

Making Tax Digital for Income Tax / Quarterly Reporting

We’re already looking at solutions to make the transition into MTD for Income Tax as seamless as possible, with development already underway. HMRC is currently in the BETA stages of development, so we will be looking for users who’d like to be part of this process.

If you’d like to be involved in the BETA or you would like to be involved in how we will be shaping our MTD solutions, please get in touch with us at mtd@taxcalc.com

Our MTD journey together is an ongoing one. Please watch this space for further updates as they arise.

Making Tax Digital HMRC's MTD Timeline