As part of Making Tax Digital (MTD) plans to modernise our UK tax system, the Government is changing the way VAT registered businesses create and submit their VAT Returns.

As of April 2019, businesses with a taxable turnover above the VAT threshold of £85,000 are required to file their VAT returns electronically using accounting software like Sage, and are obligated to keep a digital record of their transactions.

Manual submission at the HMRC gateway for VAT will no longer be valid for most businesses.

So what does it mean for your business?

If your business is affected, the new VAT rules apply from 1 April 2019, and you must:

  • Ensure you have MTD for VAT compliant software.
  • Start maintaining digital business records for the purposes of VAT.
  • Sign up with HMRC for MTD for VAT.
  • Start submitting your VAT Return through your compliant software

Questions?

Call us today on 01978 367000