We are now two months past the start date of the 1st April 2019 for Making Tax Digital for VAT and into the last month of what will be some businesses first VAT quarter under Making Tax Digital. Some businesses may not be aware that even though they may be on MTD compliant software that…
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In a welcome about turn, HMRC has changed its controversial policy on the recording of purchase invoices under Making Tax Digital for VAT. This will mean a huge time-saving for many businesses using the cash accounting scheme. Under the cash accounting scheme, input tax is only claimed when payments are made to suppliers, and…
From 1 April 2019, most businesses with a taxable turnover above £85,000 are required to follow the rules for Making Tax Digital for VAT. As a result, HMRC has published new guidance on record keeping, which explains what records a business needs to keep digitally if it has signed up for Making Tax Digital…
Submitting a VAT Return using Sage is a simple process, however before you can do this you need the correct log in details to do so. These log in details are commonly known as a Government Gateway ID. As a Sage user that is not currently using Sage to submit your VAT returns, you will…
Despite calls from some to put a further delay to Making Tax Digital, on 19th February 2019 with less than 40 days to go Mel Stride MP Financial Secretary to the Treasury updated the House of Commons on HMRC’s progress on delivering MTD for VAT. The government are pressing ahead with the April 2019…
HMRC has extended its Making Tax Digital for VAT (MTDfV) pilot scheme to all eligible businesses. For most businesses, compliance with the regulations is mandated for VAT return periods beginning on or after 1 April 2019. However, MTDfV for some ‘more complex’ businesses has been deferred until 1 October 2019. This deferral applies to:…
As we approach the 1 April 2019 deadline for the introduction of MTD compliant VAT submissions, many businesses will at last be focusing on what solution they should adopt. If their current bookkeeping system does not already have an upgrade that automatically provides this new functionality, they will be considering adopting ‘bridging software’. Looking through…
Making Tax Digital (MTD) is the hot topic this year. It’s one of the most fundamental changes to the UK tax system since the introduction of self-assessment. From April 2019, VAT registered businesses with a turnover of over £85,000 will be required to keep records using software approved by HMRC. We have condensed the…
It’s time to decide how you will digitalise your records in order to meet HMRC requirements ahead of April 2019 HMRC wants the UK to be one of the most digitally advanced tax administrations in the world, improving efficiency, effectiveness and ease of compliance. Their plans signal the end of paper accounting for millions across…
At Xerocon 2018, held Wednesday and Thursday last week, we heard how the number of Xero Subscribers has now reached over 1.6 Million Worldwide. Xero’s focus on becoming THE Small Business Platform is greater than ever, with recent market research confirming how users of Xero really do save time, in some cases as much…
