From 1 April 2019, VAT registered businesses that have a turnover above the VAT threshold of £85,000 are required to submit VAT returns to HMRC via compliant software. At Bernard Rogers & Co., we can help you to understand the requirements of Making Tax Digital (MTD) and ensure your business remains compliant.
HMRC are introducing Making Tax Digital for VAT as part of their broader aim to interact digitally with customers, have businesses submit taxation information in “real time”, and ultimately so that they become one of the most digitally advanced tax systems in the world.
As part of this, VAT registered businesses that have a turnover above the VAT Threshold of £85,000 are required to submit VAT returns to HMRC from 1 April 2019 via compliant software.
This staging date applies regardless of a businesses’ year-end. As such the first VAT returns to be caught by electronic submission will be the April-June 2019 return.
The provisions of Making Tax Digital only affects businesses and only VAT initially. It is expected that MTD will extend to both Corporation Tax and individuals’ tax affairs from April 2020/21.
We understand that any periods of change can be unsettling and as such we have spent a significant amount of time getting up to speed with the requirements of Making Tax Digital and how they will affect our clients.
We have partnered with a number of the leading cloud accounting software companies and are able to supply and assist with training on the different cloud software packages, such as Xero, QuickBooks Online, KashFlow and FreeAgent.
We believe that by transitioning to the cloud, businesses are better able to understand their financial performance and can make more informed strategic decisions. One of the real benefits to the accountant / small business relationship is that both sides can access the same accounting records at the same time and discuss any figures or technical issues needed.
If you would like to discuss Making Tax Digital in more detail and understand how your business will be affected, please do get in contact on 01926 851516, or by emailing us at firstname.lastname@example.org
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