22 February
By Chris Gumbley
Categories: Business/HMRC/Industry News/Making Tax Digital/Taxation

Making Tax Digital for VAT - The final countdown is on

Making Tax Digital for VAT - The final countdown is on

With the final countdown to Making Tax Digital for VAT now on, don’t leave it to the last minute to ensure your business has the appropriate software and processes in place to comply with the new digital rules from 1st April 2019.

All VAT registered UK businesses with turnover above the VAT threshold (currently (£85,000) will need to comply with the new Making Tax Digital for VAT (MTDfV) regulations from 1st April 2019.  

All businesses (including sole traders, landlords, trusts, partnerships, Limited companies and charities) that fall within the scope of MTDfV will be required to keep digital business records and submit their VAT return information to HMRC using MTD functional compatible software.

Our experts are currently contacting all our clients affected directly to ensure they are prepared for the changes ahead.  Please contact a member of our team if you would like to discuss all of the solutions available to you to ensure you are compliant.

For more information on MTD, download our factsheet here.

Meeting your MTDfV requirements

Under MTDfV, VAT returns will need to be calculated and submitted to HMRC via an Application Programme Interface (API). Submission can be from some form of accounting software, bridging software or API enabled spreadsheets but manual record keeping will not be acceptable.

No matter if your business is big or small, MTD will undoubtedly affect you. With the rate of change in technology and business ever increasing, we believe that now is the time to consider the long term requirements of your business to ensure your current processes and accounting software package is the most appropriate solution to fulfil the needs of your business, now and in the future.

Cloud accounting software

For many small-medium business owners, we believe that switching to cloud based accounting software is the best solution to help you work smarter, giving you access to your business finances anytime, from anywhere and on any device. For others, a desktop package may still be the most appropriate solution.

So much more than MTD compliance!

Using a cloud accounting software package offers many more benefits other than just being MTD compliant and will allow you to take advantage of a full range of increased functionality and flexibility to help you, with our support, make informed decisions to take your business to the next level. For more information about cloud accounting, download our leaflet here.

Find out more

Join one of our complimentary, no obligation, group demonstrations of the leading cloud accounting packages available from our partners Xero, QuickBooks and Sage to help you see first-hand just how powerful the software can be.

Register for our next cloud accounting group demonstration here or alternatively contact events@naylorwintersgill.co.uk