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Making Tax Digital – Update

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Posted on: March 21st, 2019 by Austen | | Categories: Uncategorised

Making Tax Digital – Update

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Completing VAT Returns Digitally

Reporting of VAT goes digital from 1st April 2019. This is the first of the stages HMRC have put in place to take the tax affairs of individuals and businesses in the UK into the digital age. It will affect all businesses with a turnover of £85,000 or more (although some businesses start dates have been deferred) with entry points being the VAT quarter ending after 1st April 2019.

Paper records cease to meet legal requirements within tax legislation from that date and businesses will need to use a
compatible piece of reporting software to make their VAT returns. All deferred businesses will have by now had their confirmation of deferment until 1st October 2019.

Those businesses using the Annual Accounting Scheme will have their entry into the digital reporting scheme deferred until 1st October 2019 however the requirement to retain digital records and submit their VAT returns through enabled software to HMRC remains. There will be a 1 year soft landing until 30th September 2020 to help in the transition.

If your business is VAT registered with a turnover of £85,000 or more and you have not yet started your transition to
digital record keeping please contact us to ensure a smooth transition.

Telephone 01484 68513 or email flourish@balanceonline.co.uk

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