Will you be ready for April 2019
HMRC are aiming to make the UK tax reporting system one of the most digitally advanced in the world. This is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right……..or so they tell us.
In reality, from April 2019 all VAT registered businesses will be required to submit not just their quarterly VAT return online but also the back up information to support the figures in the return through a third party online portal. From April 2020 quarterly reporting will also apply to any one with a turnover of over £10,000 per year.
Most of the major accounting packages are beavering away making sure that their software is compliant, and some of them are charging large upgrade fees for this service. You don’t have to be tied into an expensive accounts package, or one that is charging extra for this service. We can advise you on your options (see our bookkeeping section) as there are a variety of packages that are ready to go and we can find one that suits you.
It will also be possible to submit using a compliant excel spreadsheet, but any one who still maintains a manual cashbook will need to enter the digital age.
This change is the single biggest change to tax reporting since the introduction of self assessment and it can not be avoided. It is time to plan for the change now.
Talk to us about how we can help with the transition. We will find a way to ensure that Making Tax Digital works for you.