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Making Tax Digital for VAT to start 1st April 2019

If you are a vat registered business and your turnover exceeds the VAT threshold, currently £85K (as at 5th April 2019) from 1st April 2019 you must record and submit your vat returns digitally.

So what does this actually mean?

If you compile your vat returns yourself, you will have to use HMRC compliant software to analyse and submit your VAT returns. The Digital analysis must then be kept for a minimum of 6 years and be available for inspection from the VAT office if requested.

What software can you use?

There are 2 options available to you. You can use accounting software, this must be 'MTD for VAT' compliant. Or you can use a spreadsheet like Excel and 'Bridging Software'. If you use bridging software it must make a 'digital link' to your spreadsheet, so it can retrieve data and submit it without manual intervention. All compliant bridging software will do this.

There is a list of HMRC approved software HERE

It is recommended that you migrate to the new software as soon as possible, this way the switch over will be more streamlined, with less disruption to your business.

Abacus are fully MTD compliant, we can look after all your MTD for VAT needs, making sure you are all up to date and avoiding any fines. Its very easy to move to us, just give us a call and have a chat with one of our MTD experts.

Choosing the right Accountant is one of the most important business decisions you will ever have to make.

What you need from an Accountant;

An Accountant that is at the cutting edge of Making Tax Digital

An Accountant who understands you and your business

An Accountant that understands the latest tax rules

An Accountant who will offer help and advice when you need it

An Accountant who will be pro-active in all accounting matters

Fast access to your Accounts and other work

At Abacus, we have dedicated personnel in different fields within Accountancy which include Making Tax Digital, Self-assessment tax, payroll, VAT, bookkeeping, accounts preparation, tax rebates, projections, forensic accounting, enquiries & in-depth investigations and much more.

Starting in April 2019 the biggest change to how we record our transactions and how we report to HMRC is being rolled out. Starting with 'Making Tax Digital for VAT'. In April 2020, this is being expanded to include all Self Employed people. Are you ready? If you need any help or support, please give one of our experts a call today.

Institute of Financial Accountants