From 1 April 2019 all VAT registered businesses with a taxable turnover above the VAT threshold currently £85,000 will be required to keep VAT records and needs to send to HMRC their VAT returns using MTD compatible software.
In basic terms you will no longer be able to submit you VAT returns through the HMRC portal and completing boxes 1 to 9
The deadlines for sending VAT returns and making payments are not changing.
Businesses will need to use software to keep their business records digitally. This may include dedicated record-keeping software or a combination of software packages or spreadsheets.
It is important that all VAT registered businesses review the method which they currently submitting their VAT returns to HMRC to ensure that come 1st April 2019 that they will be compliant with the new requirements.
We recommend that should you already use an accounting software package to generate your VAT returns that you ensure that it is recognised by HMRC as compliant software for Making Tax Digital.
"If you are unsure if you will be compliant from April 19 Making Tax Digital give us a call.
We are happy to review your current process and advise you, free of charge."
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