How Does Portico MTD Work For Filing VAT Returns?

If you wish to learn about how Portico MTD works when it comes to filing your VAT returns, you will find detailed guidance in the following blog post as we discuss the features, process and application of Portico MTD. In addition to this, we will also evaluate the benefits of Portico MTD for filing your VAT returns; as well as review the steps involved in registering your business for the software.

How Does Portico MTD Work For Filing VAT Returns?

Portico MTD (Making Tax Digital) is an innovative system that simplifies the process of filing VAT returns in the UK. By leveraging modern technology and automation, Portico MTD streamlines the VAT return process, reducing errors, minimising paperwork, and improving overall efficiency for businesses.

Since HMRC has made it mandatory for all VAT-registered businesses to file digitally through Making Tax Digital (this is regardless of turnover), My Tax Digital combines digital record keeping and filing your VAT returns into one comprehensive web application that allows businesses to become MTD-compliant.

Portico MTD works by securely connecting with the business’s accounting software and extracting the relevant data needed for VAT return filing. This eliminates the need for manual data entry and reduces the chances of mistakes. The system then automatically incorporates this data into the appropriate sections of the VAT return, ensuring accuracy and compliance with the HMRC’s requirements.

One of the key features of Portico MTD is its ability to perform automatic data validation checks. The system compares the extracted data with the underlying accounting records, flagging any inconsistencies or errors for review. This feature helps ensure that businesses submit accurate VAT returns and reduces the likelihood of penalties or audits by the tax authorities.

Once the VAT return is finalised, Portico MTD provides a secure platform for businesses to submit the return directly to HMRC. This eliminates the need for manual data transfers or paper submissions, saving time and reducing the risk of misplaced documents. Portico MTD also keeps a record of all submitted VAT returns, providing businesses with a comprehensive audit trail for future reference.

Portico MTD is designed to seamlessly integrate with various accounting software platforms commonly used by UK businesses. This allows companies to continue using their preferred accounting software while harnessing the benefits of Portico MTD’s automated VAT return filing capabilities.

If you have any specific questions about how Portico MTD works or require assistance in setting it up, you can send an email to mytaxdigital@openanswers.co.uk for support and guidance.

Are There Any Benefits Of Using Portico MTD For Filing Tax Returns?

Yes, there are many benefits of using Portico MTD for filing their tax returns. The most significant benefit is the fact that the software is free to use. In addition to this, users will find the following features of Portico MTD to be quite useful:

• Portico MTD automatically calculates your VAT liability, so you don’t have to worry about making mistakes.
• Portico MTD checks your VAT returns for errors before you submit them, so you can be confident that they are accurate.
• The software provides you with support and guidance to help you stay compliant with VAT regulations.
• Portico MTD is easy to use, even if you don’t have a lot of technical experience.
• You can transfer your VAT figures from different formats such as xls, .xlsx, .ods, .numbers, or CSV.
• Similarly, you can import financial details from other accounting software to Portico MTD.
• You can use charts and reports to track business performance in relation to VAT history.
• Portico MTD is an affordable option when compared to the cost of hiring an accountant to do your VAT returns.

How Can You Register For Portico MTD For Filing VAT Returns?

You can register quite easily for Portico MTD and file your VAT tax returns. However, before you start the registration process, you would need to make sure that you have a recent version of a popular web browser such as Chrome, Firefox, Safari or Edge and then follow the steps listed below:

• You can start your registration process by entering My Tax Digital in your web browser’s address bar.
• This will take you to the homepage of Portico MTD where you can click on the “Register” button.
• You will be asked to enter your name, business name, email address and a secure password.
• To confirm your VAT returns submissions to HMRC you should also check the “The business is VAT registered” button.
• You will be required to click on the “Register” button to confirm your registration with Portico MTD. Once you do that, your registration will be complete and you will be asked to log in to your Portico MTD using your email address and password.

Conclusion:

In summary, Portico MTD simplifies and streamlines the process of filing VAT returns in the UK. By automating data extraction, validation, and submission, businesses can save time, reduce errors, and ensure compliance with HMRC regulations. Therefore, we conclude that with its seamless integration capabilities, Portico MTD is a powerful tool for businesses looking to optimize their VAT return filing process.

References:

My Tax Digital

Getting Started – My Tax Digital Docs

MTD: Filing Your VAT Return From Excel – We Compare The Best Free Options – Prowess