Making Tax Digital

Making Tax Digital

 

Making Tax Digital is part of the government’s plans to make it easier for individuals and businesses to get their tax right.

Businesses will be mandated to use the Making Tax Digital for Business system by April 2019 to meet their VAT obligations.

This will apply to all businesses who have a turnover above the VAT threshold.

As of April 2019, HMRC will require you to submit your VAT Returns digitally, direct from your accounts software. There will no longer be a web portal available for you to manually key in your VAT return as you do now.

All of the sales and purchases your business make must be entered into your accounting software. Your VAT return is directly based on what has been entered into these ledgers.

You will not have the ability to modify the VAT return at the time of submittal.

If you are a new customer, contact us today to discuss which software package would best suit your business.

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If you are already using our All In One Accounts software, you will need to upgrade to the latest version of our software to be able to submit your returns to HMRC. 

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If you are using another accounting package (e.g. Sage, Xero) with our AutoInTouch software, you can continue to use AutoInTouch, but you must contact your accounts software provider to ensure you are able to move on to the new scheme in April 2019.

  

Making Tax Digital Timeline

 

 

 

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