Starting from April 2019 VAT registered businesses with a turnover of over £85,000 will have to register for digital tax, with a few exceptions
Making Tax Digital (MTD) for VAT will come into effect from 1 April 2019 for businesses which have a taxable turnover above the VAT registration threshold (currently £85,000). As part of the initiative, firms must keep some records digitally, using ‘functional compatible software’. This means a ‘software program or set of compatible software programs which can connect to HMRC systems via an Application Programming Interface (API)’.
Accounting records will need to be either be kept digitally on compliant, compatible software or on a spreadsheet using bridging software to ensure digital tax compliance is complete.
HM Revenue & Customs will require VAT returns to be submitted to using software as mentioned above. These software platforms have been tested to access the HM Revenue & Customs platform seamlessly.
HMRC have a list on their website of all software providers that are compliant or in the process of becoming compliant for VAT and Income Tax.
With compliant software it will take a few small adjustments before you are able to file VAT returns as you were previously.
Figures published by HMRC show that almost 1.2 million businesses will be affected by MTD for VAT. Additionally, each day more than 3,000 businesses are signing up to the scheme, according to the Revenue.
Commenting on the initiative, Mel Stride, Financial Secretary to the Treasury, said: ‘In a world where businesses are already banking, paying bills and shopping online, it is important that the tax system moves into the 21st century.’
Meanwhile, Theresa Middleton, Director of the Making Tax Digital for Business programme, said: ‘There are over 220 software products for businesses to choose from at a range of prices, including free ones, offering different levels of functionality.
‘I’d urge any business affected by MTD to start preparing now, and to join the thousands of others who are already experiencing the benefits MTD has to offer.’
As an authorised Agent Service Provider we have already started to move our clients to the new digital tax platform. We welcome new businesses that may require further help to meet the obligations of MTD. Simply contact us to discuss your business requirements.
I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article.
Your article helped me a lot, is there any more related content? Thanks! https://www.binance.bh/register?ref=JW3W4Y3A
Thank you for your sharing. I am worried that I lack creative ideas. It is your article that makes me full of hope. Thank you. But, I have a question, can you help me? https://accounts.binance.info/de/register?ref=W0BCQMF1
Your article helped me a lot, is there any more related content? Thanks! https://accounts.binance.info/fr/register?ref=T7KCZASX
I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article. https://www.binance.com/register?ref=IXBIAFVY
Thanks for sharing. I read many of your blog posts, cool, your blog is very good. https://www.binance.bh/register?ref=IHJUI7TF
The winning odds here feel much better than other platforms. It is a total game changer. Try phluxwinph today.
I don’t think the title of your article matches the content lol. Just kidding, mainly because I had some doubts after reading the article. https://www.binance.bh/register?ref=IXBIAFVY
Can you be more specific about the content of your article? After reading it, I still have some doubts. Hope you can help me. https://accounts.binance.com/register/person?ref=IHJUI7TF
Your point of view caught my eye and was very interesting. Thanks. I have a question for you.
Your point of view caught my eye and was very interesting. Thanks. I have a question for you. https://accounts.binance.info/register/person?ref=IXBIAFVY
Your point of view caught my eye and was very interesting. Thanks. I have a question for you. https://accounts.binance.bh/register/person?ref=JW3W4Y3A
Your article helped me a lot, is there any more related content? Thanks! https://accounts.binance.com/register/person?ref=IXBIAFVY
Thank you for your sharing. I am worried that I lack creative ideas. It is your article that makes me full of hope. Thank you. But, I have a question, can you help me? https://www.binance.com/en-NG/register?ref=YY80CKRN
Your article helped me a lot, is there any more related content? Thanks! https://www.binance.bh/register?ref=IHJUI7TF
Super easy sign in process and the layout is very user friendly. I had a few questions and the support team helped me out quickly. Great experience so far with jl6784login
The installation was super quick and the app runs perfectly on my phone without any lag. Highly recommend c999gamedownload for anyone who prefers gaming on the go.
Great app performance and very stable connection. It is rare to find such a reliable platform these days. Give 09btapp a try if you want a stress-free experience.
Can you be more specific about the content of your article? After reading it, I still have some doubts. Hope you can help me.
Your article helped me a lot, is there any more related content? Thanks!
Really loving the game variety here. I had a great run last night and the bonuses are actually worth it. Check out pk888gj if you want a fun experience.
Your article helped me a lot, is there any more related content? Thanks!
Can you be more specific about the content of your article? After reading it, I still have some doubts. Hope you can help me.
Really loving the game variety here. It keeps things exciting and the graphics are top notch. Definitely spending my weekends on phsmjili.
Thanks for sharing. I read many of your blog posts, cool, your blog is very good.