Posted on 26th April 2019
As from April 1st, all VAT registered businesses must now keep digital records and use software to submit their VAT returns. We can make the process simple and easy for your business.
Making Tax Digital is part of the Government’s plans to make the tax system more efficient, more effective and easier for taxpayers to get their tax right.
With the introduction of Making Tax Digital for VAT, all VAT registered businesses with a taxable turnover above the VAT threshold – currently £85,000 – must use the Making Tax Digital service to keep records digitally and use software to submit their VAT returns quarterly.* Making Tax Digital will not extend to other types of tax until at least April 2020.
This is a compulsory change that is required by law. If you have been previously submitting your VAT return via paperwork through the post or using the Government Gateway website, you’ll no longer be able to do this.
So, what does this mean for your business? What do you need to do to ensure your business is ready for Making Tax Digital for VAT?
We’ve produced a guide called Making Tax Digital, Made Simple – a simple, clear overview of what Making Tax Digital (MTD) for VAT means for you and to help you make the digital switchover.
Download your free copy today and then get in touch to find out how we can help your business to make a smooth transition to MTD for VAT.
*Mandatory participation has been deferred for a small number of VAT registered customers until October 2019. According to HMRC: ‘The six-month deferral applies to customers who fall into one of the following categories: trusts, ‘not for profit’ organisations that are not set up as a company, VAT divisions, VAT groups, those public sector entities required to provide additional information on their VAT return (Government departments, NHS Trusts), local authorities, public corporations, traders based overseas, those required to make payments on account and annual accounting scheme users.’