Make Tax Digital Accounting Services
As of 1st April, 2019, VAT-registered businesses with a taxable turnover above the VAT threshold are required to submit their VAT returns, and keep their records, digitally, using the governments ‘Making Tax Digital’ (MTD) scheme. The scheme has been rolled out with the aim of making tax easier and more efficient to record and report for businesses of all sizes.
Currently, Making Tax Digital is exclusive to VAT, with other forms of tax planned to be implemented into the scheme by 2020.
Need help with your online accounting? Give the team a call on 0115 798 0740
While this scheme has been mandated for VAT-registered businesses, the HMRC has allowed a 6 month deferral for certain businesses who have more complex requirements. The deferral, which extends until October 2019, will apply to customers who fall under the following categories:
- Not for profit organisations that are not set up as a company
- VAT divisions
- VAT groups
- Public sector entities required to provide additional information on their VAT return (government departments, NHS trusts)
- Local authorities
- Public corporations
- Traders based overseas
- Those required to make payments on account and annual accounting scheme users
By using an all-online system, errors will be minimised, accuracy improved and businesses will be able to record and submit VAT forms with greater simplicity.
At Keith Willis Associates, we always aim to help our clients handle any and all tax-related matters, and that includes helping VAT-registered businesses become Making Tax Digital ready. As online accounting experts, we can work closely with businesses of all sizes to help them accurately record and report through the digital system.
For VAT-registered businesses who qualify for the Making Tax Digital mandate, we are here to answer any questions and handle your online tax requirements without any stress.
As part of the MTD scheme, businesses must now uses compatible software in order to submit VAT returns and record income/outgoings. As chartered accountants with a wealth of experience in cloud accounting, Keith Willis Associates utilise MTD compatible software to ensure a smooth and simple transition to online VAT accounting.
WIth Sage accounting and Xero accounting software both being updated to be compatible with the MTD system, our clients can benefit from our specialist software knowledge to make the entire process as straightforward as possible.
To discuss the Making Tax Digital scheme or to discuss your business’ VAT requirements with us, simply contact our friendly team today.
Get in touch today on 0115 798 0740