MAKING TAX DIGITAL
From 1st April 2019, all VAT registered businesses with annual taxable turnover above the VAT threshold, currently £85,000, will have to keep records digitally and submit VAT returns to HMRC through MTD compatible software. This will apply to the first VAT period beginning on or after 1st April. More details from HMRC can be found here.
We are able to offer various levels of support with these new requirements.
Full VAT submission service. We can take care of all digital recording of your records, and submission to HMRC.
We can help set up and assist with ongoing use of a compatible software package, such as Quickbooks or Xero for you to maintain digital records yourself and submit your VAT returns to HMRC. We can also offer ongoing support as you need it with our experience of these systems.
You send us a spreadsheet with your VAT figures, we then submit them to HMRC using bridging software. This will meet the MTD requirements in the short term, but with further developments expected to be implemented, this is likely to be phased out as an option quite soon.
If you have an existing software system that you'd like to keep using, contact us to discuss what we can do to help you meet the requirements.
If you have any questions regarding the new system of VAT submission or would like to discuss any of the options above, please contact us and we will do what we can to help.