Analysis from RSM suggests there could be as many as 880,000 VAT-registered businesses in the UK that are unprepared for the new digital taxation rules that come into force from this April.
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#MTD#MakingTaxDigital#BridgingSoftware
For those businesses with a VAT return stagger 3 May/Aug/Nov/Feb, MTD VAT will begin with the first period 01 June 2019 – 30 Aug 2019 which will be due for filing on or before 07 October 2019.
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#MakingTaxDigital#MTD#BridgingSoftware
WHEN ARE YOU IN MTD?
For those businesses with a VAT return stagger 1 March/June/Sept/Dec, MTD VAT will begin with the first period 01 April 2019 – 30 June 2019 which will be due for filing on or before 07 August 2019.
For those businesses with a VAT return stagger 2 April/July/Oct/January, MTD VAT will begin with the first period 01 May 2019 – 30 July 2019 which will be due for filing on or before 07 September 2019.
A digital link in this case would simply be a formula linking a cell from one sheet to another. The use of copying and pasting or manually creating a VAT return is not compliant with MTD. #MTD#MakingTaxDigital#BridgingSoftware
More info at https://t.co/Z4NsgQXiSk
For a spreadsheet to be MTD-compliant, the initial input of data may be keyed in manually. Any further transfer, recapture or modification of that same data must be completed using digital links.
Cloud accounting software should be used as a full bookkeeping solution, not merely a tool whose only function is to enable a VAT return to be filed with HMRC.
Stick with your trusty spreadsheet and use bridging software to file your VAT returns https://t.co/RGWSEc60WS
Want to start submitting MTD VAT returns early (to get into the swing of things)
Join HMRC's pilot scheme by following our user guide https://t.co/nLVD1UytvV
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Bridging Software for Accountants and Bookkeepers at https://t.co/CLRSTgMC7j
You and all your clients can file VAT returns under Making Tax Digital with your firms own co-branded Bridging Tool
No setup costs, just £1.25 + VAT per submission (min £10 + VAT pm) #MakingTaxDigital
File VAT returns from spreadsheets under Making Tax Digital.
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