Top tips for Making Tax Digital

Posted on: December 7th, 2018 by Judith Mallen No Comments

All businesses that are VAT registered with a turnover over £85,000 will need to submit their VAT returns using accounting software from 1 April 2019, however,  there has been a delay until 1 October 2019 for some businesses (further details of these businesses can be found below).

What you need to do if you already use accounting software

  • Check with your software provider to see if your software will be compliant
  • If you need to upgrade then ensure that you upgrade by 1 April 2019
  • If your software will not be compliant then contact us to see what options are available to you this could be bridging software or changing your accounting software

What you need to do if you prepare your VAT Manually

  • Speak to us to see what options are available to you
  • Your account manager can recommend software suitable for you
  • We can arrange demonstrations, help setup the new software and provide all the training you will need

Businesses Delayed to 1 October 2019

Categories affected:

  • Trusts
  • “Not for Profit” organisation’s that are not set up as a company
  • VAT Divisions
  • VAT Groups
  • Public Sector entities who have to give additional VAT information with their returns (Government Departments and NHS Trusts) – this refers to the Contracted Out Services Recovery information they need to provide
  • Local Authorities
  • Public Corporations – current presumption is that this includes government owned companies and companies whose shares are publicly traded – needs clarification.
  • Traders based overseas – they may have a UK VAT registration but have no fixed or business establishment here in the UK
  • Those who make Payments on Account
  • Annual Accounting Scheme Users

We have been working closely with HMRC and major software developers to discuss how we can make this easier for our clients, ensuring we have the solutions in place to make this transition as smoothly as possible for you. We are already assisting many clients preparing and implementing systems to get them ready for the transition to Making Tax Digital. Contact a member of our Making Tax Digital team today to see how we can assist you.



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