We are posting regular updates to help our clients stay informed
When MTD for VAT came into effect in April 2019, it introduced the requirement for VAT registered businesses with a turnover above the VAT threshold to keep the records in a digital format and submit their VAT returns via software.
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Making Tax Digital (MTD) for VAT makes it mandatory for most VAT Registered businesses to keep electronic records and submit VAT Returns through compatible software. This commences from the first VAT period starting on or after 1 April 2019.
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Record payments based on supplier statements rather than invoices Historically, businesses have been required to record every single purchase …
Read articleAs a firm we have a bridging software solution to offer to our clients via CCH OneClick (a Wolters Kluwer …
Read articleFor some small businesses the additional cost and complexity of using accountancy software, even user friendly and relatively inexpensive options …
Read articleIf you are not VAT registered and your turnover is under the current VAT threshold of £85,000 in any rolling …
Read articleBridging software is software that can enable the submission of the VAT return to HM Revenue & Customs via the …
Read articleIf your business makes Vatable and exempt sales, you will already be subject to partial exemption and should be preparing …
Read articleThe easiest way to find details of software that is MTD compatible or to check if your current software is …
Read articleFor details of where to sign up for MTD please click here and for deadline dates please see …
Read articleHM Revenue & Customs publish regular notices on matters affecting individuals and businesses. VAT Notice 700/22 explains the rules for …
Read articleIf you are currently using QuickBooks Online then you will be pleased to know it is already MTD Compatible.
Read articleFunctional compatible software is a software program, or a set of software programs, products or applications, that must be able …
Read articleHM Revenue & Customs has deferred for 6 months the adoption of MTD for VAT registered groups. There will be …
Read articleIn order to be compliant with MTD for VAT, Sage users will need to be on a current version of …
Read articleThe date and timing of your first MTD submission will be dependent upon your VAT period.
Read articleIf you are currently using Xero you will be pleased to know that it is already MTD compatible.
Read articleMaking Tax Digital (MTD) is part of HM Revenue & Customs (HMRC) wider digital strategy to make it easier for individuals, businesses and other organisations to ensure their tax affairs are in order.
Read articleApril 2019 VAT registered businesses/organisations with a turnover over £85k. From the beginning of the first VAT period …
Read articleIf you currently do a tax return or VAT returns then the simple answer is yes.
Read articleThe April 2019 date for MTD for VAT is only where turnover is above the VAT threshold.
Read articleMTD requires individuals, organisations and businesses to keep and maintain records in a digital form.
Read articleClients use a wide range of different software, some very simple and some very complicated, for running significant multi-site operations.
Read articleIf you are a Sage 50 user working on version 23 or below, you are likely to be contacted by …
Read articleThe requirement to keep digital records and make quarterly submissions will be statutory and therefore cannot be ignored. Just as you have to make VAT submissions or file a tax return now, you will have to comply with these new requirements.
Read articleThose with rental income will be required to comply with MTD requirements. For jointly owned property, each individual must make …
Read articleVAT registered Charities must note that they will be required to adopt and comply with MTD. This means that, unless …
Read articleYou may be tempted to find free software solutions to comply with Making Tax Digital and whilst these may exist, we would issue a word of caution.
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