The statistics are that 89% of businesses nationally keep their records on Excel and submit their VAT returns manually through the Government Gateway.
From 1st April 2024, this is all going to change – businesses will HAVE to submit their VAT returns through a piece of accounting software. Essentially VAT registered businesses are being forced to move from Excel to an accounting package.
And if you are not VAT registered, don't think MTD does not apply to you! From 01.04.2020 all sole traders, partnerships and landlords (VAT registered or not) will have to file QUARTERLY tax returns!! If you are company you won't have to file quarterly returns just yet but it is coming!
MTD will affect EVERY business!!