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April 2021 version of VT Transaction+ released

This update can be downloaded from the following links:

  • For VT Transaction+ only users, click here
  • For VT Accounts users, click here

This update fixes an issue of the removal of the scrollbar, which occured after a recent Windows update. Furthermore, it has been confirmed that a subsequent Windows update also fixes the issue.

Please note that in this update, technical changes have been made to the data that helps enable HMRC detect fraudulent submissions and re-claims. It is a legal requirement to send this data (known as the anti-fraud headers) in the correct format. It is a legal requirement, therefore, to install this update.

For full details of changes and fixes, please click here.

MTD for Income Tax

VT Software is to implement functionality to enable users to submit MTD for income tax returns to HMRC.

From 6 April 2023 taxpayers who file Income Tax Self-Assessment returns for business or who have property income over 10,000 annually will be required to report income and expenditure digitally to HMRC using MTD (Making Tax Digital) for Income Tax compliant software.

This will require summaries of income and expenses to be submitted digitally to HMRC every quarter. A final declaration is then required to be submitted at the end of the tax accounting year to confirm the income and expenses for the year, declare any personal income and make any adjustments and claims for reliefs.

The final declaration will replace the self-assessment tax return.

The new functionality in VT will enable users to submit the quarterly submission of income and expenses, as well as the final declaration to HMRC.

Using VT Software remotely

VT Software can be used in a multi-location environment. For information, please click here.

End of reduced VAT rate for hospitality sector

The temporary reduced rate of 5% VAT on certain items in the hospitality sector will end on 30 September 2021, when it will increase to 12.5% until 31 March 2022, and then 20% thereafter. For more details, please refer to HMRC guidance here.

You can easily change the VAT rate in VT Transaction+. Please refer to guidance here.

Accounting for Coronavirus Job Retention Scheme (CJRS) grants

These can be recognised as Other operating income in the profit and loss provided that the criteria for recognition have been fulfilled. Please click here for details.

Domestic reverse charge VAT for construction services

The domestic reverse charge is effective from 1 March 2021.

VT Transaction+ is able to account for domestic reverse charge VAT (April 2020 version or later).

For instructions on how to account for domestic reverse charge transactions in VT Transaction+, please click here.

Please note that the domestic reverse charge is not the same as the reverse charge for services for bought from abroad, as the accounting treatment is slightly different.

Letter from HMRC: VAT returns from XML software

Some of our users have received a letter from HMRC advising that they will no longer accept MTD VAT returns from XML software from 8 April 2021.

Please be assured that VT Transaction+ and VT MTD for Excel do not use XML, therefore both programs will continue to be able to submit MTD VAT returns to HMRC after 8 April 2021.

UK VAT after leaving the EU

Please click here to find out how changes in UK VAT on EU sales and purchases from 1 January 2021 can be accounted for in VT Transaction+.

Grant authority connection issues

If when selecting Grant Authority for MTD, you do not get connected to HMRC's web page to enter your government gateway credentials, this is likely due to your default web browser.

To resolve this, please refer to to guidance here.

Average employees requirement from Companies House

Companies House require 'Average no. of employees' to be a mandatory item tagged in iXBRL accounts from 13 October 2020 (even if zero).

The latest templates in VT Final Accounts (April 2020 and June 2020 versions) automatically include 'Average number of employees' as a mandatory tag.

If you are using a workbook that was created from older template please refer to guidance here to ensure that the iXBRL file is correctly tagged.

Windows 10 update makes Edge default web browser

A recent Windows 10 update reverts the default web browser to Edge.

Some users have reported issues when submitting MTD VAT returns or filing XBRL accounts if Edge is the default browser. To resolve this you can change your web browser to Chrome. To do this, please click here.

Change in VAT rate for the hospitality sector

The rate of VAT on certain items in the hospitality sector has been reduced to 5%. This is a temporary cut effective between 15 July 2020 and 31 March 2021. For more details, please refer to HMRC guidance here.

You can easily change the VAT rate in VT Transaction+. Please refer to guidance here.

Making tax digital

MTD for VAT is now included in VT Transaction+ and VT Cash Book and a new MTD bridging product, VT MTD for Excel is included in the downloads. More details...

MS Visual Basic Automation error message in VT Final Accounts

"Bitdefender Internet Security" is blocking Excel from accessing other software including VT Final Accounts. The error message may include a reference to Dynamic Link Library.

To fix this, you need to open your Bitdefender and go to:

  • Protection>Bitdefender>Advanced Threat Defenses>Settings

  • You will now see a folder tree. Open up the folder pathway (by clicking on the plus symbol) to your version of Excel.

  • e.g. for Office 365 C:\ProgramFiles(x86)\Microsoft Office\Root\Office 16

  • Scroll down and tick EXCEL.EXE file then click OK.

  • You may also need to repeat the above steps for VTFiler.exe and VTFactViewer.exe which are located in C:\ProgramFiles(x86)VT Transaction

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