Do you have appropriate systems in place to satisfy the HMRC conditions for submitting your vat return from April 2019?
From April 2019 all vat registered businesses over the vat threshold (currently £85,000) will be required to maintain their records in a digital, fully functional software compatible with HMRC. Currently, over 85% of businesses submit their vat return on the HMRC portal, entering the figures in to the relevant boxes.
For periods commencing after 1st April 2019 business will no longer be able to use this portal and therefore will have no means of submitting the return and the expectation is that HMRC will have little sympathy.
At Wilds we are currently working hard to help businesses meet the requirements of MTD. Getting up to speed can involve costly updates to your existing software, but in a world of cloud accounting there are lots of options currently on the market.
We can help you review your current systems and make suggestions to help you get a compatible, efficient accounting system in place to not only help you meet the requirements for vat, but continue to meet the requirement when all other taxes come in to MTD such as corporation tax and income tax.
For more information or if you are currently maintaining manual records or are in any doubts about your current systems please do get in touch.