Under the current government timetable Making Tax Digital (MTD) will start in April 2019. Initially this will only be for VAT purposes. The wider roll out of MTD has been delayed until April 2020 at the earliest.
From 1st April 2019 all VAT registered businesses with turnover above the VAT threshold (currently £85,000) will be required to:
This means you will no longer able to submit your VAT return through HMRC’s online portal. You will be required to use a third-party software programme which can connect with HMRC’s systems via the Application Programme Interfaces (API) platform. HMRC will not themselves be providing compatible software.
Have you checked whether your current system of record keeping will meet the new requirements? If all or part of your VAT records are paper-based, you will need to consider how best to digitise your records.
We would strongly recommend that you take action sooner rather than later, particularly if your business’ year end is around this time of year. Early preparation will ensure you are not caught out by the new rules. It will also enable you to experience the many benefits of using an online accounting system.
We have been strong advocates of online accounting platforms for a number of years and have the ability to support and assist you with your move to digital record keeping and reporting.
Please contact James O’Leary if you would like to arrange to see an online accounting demonstration and to talk about your current VAT record keeping arrangements.
01/04/2018
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