Your MVAT questions answered!
MVAT: Millennium’s Making Tax Digital Software for Unit4 Financials by Coda
How does MVAT account for partial exemption and special method recovery?
Partial and special recovery methods can be configured within Unit4 Financials by Coda, allowing MVAT to output correctly to HMRC.
How does this deal with groups, i.e. different companies set up in Unit4 Financials by Coda?
MVAT can handle VAT groups (I.e. a single VAT registration) as a single report combining several Unit4 Financials by Coda companies.
How does this handle other adjustments, such as the Capital Goods Scheme?
Any adjustments made in Unit4 Financials by Coda, such as changes to the initial VAT claimed during the adjustment period (e.g., under the Capital Goods Scheme), will be automatically reflected in the MVAT software.
Does the year and period need to be hard-coded in the selector?
With the flexibility in Unit4 Financials by Coda, there are several options, including softdates (which automatically select the current period) or a hard-coded date in the selector; on setup, Millennium's team will find the process that suits you best.
We have multi-currency items; how does the system convert to GBP?
Within Unit4 Financials by Coda, a company reporting VAT is typically configured with GBP as its home currency. All documents associated with this company can be converted to GBP using the foreign exchange rates established in Unit4 Financials by Coda. This conversion occurs within Unit4 Financials by Coda before MVAT requests the relevant information.
We have multi-company details against one VAT number - how will the system consolidate these?
Unit4 Financials by Coda converts everything to the home (functional) currency. MVAT reports the home currency.
What if our home currency is not GBP?
Unit4 Financials by Coda and MVAT can be configured with dual currency in mind, which, if one of the dual currencies is GBP, will allow for correct reporting to HMRC.
How many lines can be uploaded?
100 thousand+.
Is it possible to test this with our transactions before we purchase MVAT?
Yes, testing is possible. We simply need to discuss the terms involved. To initiate this conversation, get in touch:
Does it have to be installed on everyone's laptop?
No, just one installation access via a web browser.
We are part of the Cyber Essentials Scheme, which requires specific password standards and security requirements. Can MVAT meet this standard?
As of the latest update to MVAT, it is now compliant with Cyber Essentials requirements; we are happy to meet with your security or Compliance team and walk them through how MVAT meets these requirements.
One area that we struggle with is Reverse Charge. Should this be dealt with directly in Unit4 Financials by Coda before going into MVAT?
Yes. Unit4 Financials by Coda handles reverse charge.
How many users do I get?
As many as you like, it's not a user license-based product.
Millennium’s Making Tax Digital software
- HMRC Recognised
- Ensures compliance with mandatory MTD requirements
- Seamlessly integrated into Unit4 Financials by Coda