Did you know it is less than 4 weeks until Making Tax Digital becomes a reality?
If you manage a VAT registered business you will probably
have received a letter from HMRC advising you to be prepared for 1st
of April deadline. However, I’d like to add a few points around Making Tax
launch date is 1st of April 2019, impacts VAT registered businesses turning over
more than £85,000 p.a. and applies only to VAT for now.
businesses with a quarter beginning on 1 April 2019 will have to file using MTD
no later then 7 August 2019
Third: April 2019
– April 2020 is effectively a soft launch period for HMRC.
What does a soft launch mean?
For HMRC it is a period of testing digital systems as the
large volume of businesses come on board.
While HMRC is testing the water businesses are gaining a period of grace
in the form of more lenient penalties for mistakes. Furthermore larger
organisations have time to transition subsidiary departments and businesses to HMRC
approved digital software. As an interim fix organisations can create ‘digital
links’ between all the finance functions.
What are ‘digital links’?
Put simply a ‘digital link’ is an electronic upload or download of digital data transferred between programs, products or applications. For more detail you can find out directly from HMRC website
I would strongly advise getting on board with Making Tax Digital now and avoid any penalties in the future.
How we can help?
As experienced tax and business experts we become your
essential partner in Making Tax Digital.
To begin with we will advise you on which software is approved by HMRC
and is best for you. A member of our team will sit down with you to review your
business, gain an understanding of your financial systems and processes.
Working closely with you is essential to map out a smooth transition of your
VAT registered business to a fully digital organisation. Soon your business
will talk directly to HMRC and meet every quarterly deadline. Meanwhile you
carry on with business.
Visit our Making Tax Digital web page to find out more
about services and download our Making Tax Digital Guide.
Contact us today for advice on
meeting the VAT registered Making Tax Digital deadline and recommended digital