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Making Tax Digital – Making Tax Digital for VAT requires VAT registered businesses with taxable turnover above the VAT registration threshold (£85,000 or over) to keep records in digital form and file their VAT Returns using software. This takes effect for VAT quarters starting on or after the 1st April 2019. For many businesses, you will already be using accounts software, such as Sage, Xero, QuickBooks or maybe a bespoke product. If your software is properly licensed and all updates have been applied, the process of moving to digital filing for VAT should be relatively straightforward. If your business does not keep records digitally but rather uses manual records or Excel spreadsheets, then these records must be updated to at least excel and then “Bridging software” used to convert this into digital records to submit to HMRC.
Making Tax Digital presents several challenges to business, however it also presents a number of opportunities such as with a computerised system kept up to date, businesses can access real time performance reporting to inform business strategy and improved efficiencies due to automation in addition to ensuring compliance with HMRC.
It is these advantages that SMCG Ltd can bring to the fore to ensure this compliance cost gets you some bang for your buck! Further information is available at the link below or contact Shaun McGlade at our office and we can arrange an appointment to discuss how we can help.