From 1st April 2019 there is a major change affecting VAT registered businesses with a turnover of £85000, VAT submissions will now have to be submitted in a digital format, clients will no longer be able to use the HMRC portal to submit returns.
• All VAT businesses must keep their VAT records stored digitally
• VAT return must be sent via MTD compliant software, to help HMRC to interact digitally with the client.
• Help HMRC to tax in real time
• All VAT registered businesses will now have a single financial account for their business
VAT Notice 700/22 Making Tax Digital for VAT addresses the issue of what constitutes a digital record. Digital records of the required information can be kept in a range of compatible digital formats, but the transfer of that data must be digital.
If you are using software the accountancy software provider will ensure that these changes are integrated however the software MUST be the current version so many clients may have to upgrade which will bring added expense.
The good news is our clients do not need to worry about this as we can give advice and assist you.
We use the BTC MTD Solution, this enables us to validate and submit VAT in a MTD compliant format from a number of different sources.
Unlike many of the MTD solutions this has greater flexibility in working with bookkeeping software and spreadsheets. So this can help us meet MTD requirements, we can use your existing methods of work as it integrates as below:
• Integrates with VT Software
• Software integrates through API’s with Zero, Quichbooks , FreeAgent ,Reckon One etc
• CSV imports can also be imported from other programmes
• It is intended to be spreadsheet friendly so we will be able to import from spreadsheets (single and multiple)
We are happy to hear from you and look forward to answering your questions