Accountants for Digital Tax
Countdown to Making Tax Digital for VAT
We give Making Tax Digital Advice and can make the move
to digital reporting as stress-free as possible.
Next year will see a significant change to the way VAT returns are made to HM Revenue & Customs (HMRC) by businesses with annual revenues of £85,000 or more.
From April 2019, businesses will need to make VAT returns on a quarterly basis using a ‘designated software package’. This is the first stage in the implementation of the Government’s Making Tax Digital programme, which is intended to take the filing of most taxes online in the coming years.
Many of our clients are already using computer-based accounting packages such as Xero, Sage or Quickbooks as part of our RT Clarity service. These packages will not only future-proof your business in readiness for each new Making Tax Digital requirement in the coming years, they also enable you to share financial information in real time with our team and quickly produce bills and invoices.
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Keeping digital records and making quarterly updates will not be made mandatory for taxes other than VAT before April 2020 at the earliest.
This timetable differs drastically from the original system proposed by the Government and restricts the number of businesses immediately affected by the MTD regime.
Nevertheless, businesses do need to be prepared for the gradual implementation of the new digital tax regime.
Contact us today to find out how we can save your business time and money, while making the transition to Making Tax Digital for VAT as stress-free as possible.
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- Government Brexit redeployments to delay Making Tax Digital for Individuals
- HMRC to address concerns raised about proposed MTD penalty model
- Making Tax Digital delayed by at least a year for the majority of businesses
- Labour pledges to exclude small businesses from quarterly digital reporting if MTD is reinstated
- Making Tax Digital dropped from Finance Bill ahead of General Election
- Almost half of SMEs think Making Tax Digital will overcomplicate tax, study reveals
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- Making Tax Digital faces fresh criticism from House of Lords
- HMRC publishes long-awaited responses to Making Tax Digital consultations
- Only six per cent of self-employed business owners are aware of Making Tax Digital
- 50-page report calls upon Government to delay Making Tax Digital
- Making Tax Digital could lead to “catastrophic collapse” in customer service, say MPs
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Richard Glynn – R.G.P.R. Limited