Important changes you need to know about...
The start date for Making Tax Digital (MTD) for VAT is fast approaching. The first changes will apply after 1 April 2019 and these will only apply to you if you are a VAT-registered business with turnover in excess of the VAT registration threshold of £85,000. If this applies to you, you will need to comply with the requirements of MTD for VAT from the start of your first VAT accounting period beginning on or after 1 April 2019. If you are VAT registered but your VATable turnover is below £85,000, you can choose whether to join in, but if you do there is no going back and once in MTD for VAT you will need to stay within MTD for VAT as long as you remain VAT registered.
Under MTD for VAT you must keep certain VAT records digitally and send your VAT returns to HMRC using software that is MTD-compatible. You will no longer be able to use HMRC’s VAT Online service to file your VAT return. If you already use us to complete this for you, we can still file your VAT returns on your behalf and you will see no change to the way we process things. If, however, you are currently submitting yourself via the HMRC's VAT Online service, you will need to change your bookkeeping system to either an online software that has MTD compatibility, a bridging software if you use Excel spreadsheets to complete your bookkeeping or bring your records to us for us to process and file on your behalf.
Contact us if you are unsure what you need to do in order to be MTD-ready in time for the start date.
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