Under the Making Tax Digital initiative, businesses with turnover exceeding the VAT registration threshold (£85,000 until 2022) will, with a small number of exceptions, be required to submit VAT returns for periods beginning on or after 1 April 2019 directly from software. It will not be possible to type the return into HMRC’s VAT portal as most do at the moment.
This will mean businesses using manual records, spreadsheets or older accounting packages need to consider how they will submit VAT returns going forward. It may mean moving to a modern cloud-based accountancy package and it is important to discuss with your accountant how your business will be ready for making tax digital.
Chamber Patrons, Harts, are running training sessions for Quickbooks – for training dates in February and March click HERE