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MTD is one of the most significant changes to the UK’s tax administration in decades and may require businesses to make internal financial processing changes. Furthermore, failure to comply with MTD may result in penalties.
HM Revenue & Custom’s MTD regime for VAT is now in force and from 1st April 2019 most VAT registered businesses whose taxable turnover exceeds £85,000 will be required to:
- Maintain their accounting records digitally in a software product or spreadsheet
- Submit their VAT Returns to HMRC using a functional compatible software product that can access HMRC’s API (Application Program Interfaces) platform
- Ensure all manual paper processes have been replaced
No changes have been made to:
- VAT rules other than those that relate to record keeping and filing
- The amount of information submitted to HMRC; the VAT return contains the same nine boxes as before though the regulations do allow for additional information to be submitted on a voluntary basis
- The current filing and payment deadlines for VAT
- 1st April 2019: Start date for keeping digital VAT records
- 7th August 2019: Submission deadline for the first quarterly VAT returns under MTD
- 1st April 2020: Earliest date for the commencement of digital MTD filings for corporation
tax and income tax
Wilson Wright – MTD Ready
- Over the last 12 months we have migrated and assisted numerous clients with digital VAT filings under the new regime through HMRC approved software (including ‘bridging’ software).
- Our team of committed professional advisers are trained to know that no two businesses are the same. We tailor bespoke bookkeeping / accounting solutions for our clients, making changes as our clients grow and add value at every step.
Our committed, professional and trusted advisors will:
- Conduct VAT reviews to ensure our clients are MTD compliant
- Ensure client accounting software is MTD ready and on HMRC’s ‘approved’ list
- Take complete control of all VAT filings
- Provide in house training to Finance Teams in industry
- Advise on ‘bridging software’ if suitable
Tags: Making Tax Digital