Summary
As part of Making Tax Digital, if your business is registered for VAT with a taxable turnover above the VAT registration threshold of £85,000, you will need to keep VAT records digitally and file your VAT returns using Making Tax Digital compatible software.
This change comes into effect from the first VAT period starting on or after 1 April 2019. From this date you will no longer be able to submit to HMRC via their portal and failure to comply with new legislation will over time incur penalties accrued by a points system that will build up to tiered fines. The scale of the fines is yet to be defined. We are in dialogue with HMRC and will advise as and when we know more.
To support customers prepare and adhere to the new legislation, we have a developed a new Business Tax Portal which has been designed with legislation and usability in mind. Customer collaboration has been key to the design process and Advanced have been recognised by HMRC as supporting Making Tax Digital.
There are two available editions – Base and Full:
- The Base edition is designed for initial compliance and has limited or no disruption to existing processes.
- The Full edition is designed to target concerns over digital linkage and provide a simplified and guided method to VAT preparation reducing the need for complex spreadsheets.
This webinar is the first in a series of webinars that we will be running with more detailed sessions to follow in November and December to show you our editions and how we will address this requirement.
- Making Tax Digital - Advanced Solution
Available On Demand
- eFinancials - Making Tax Digital
Available On Demand
- e5/Cloud Financials - Making Tax Digital
Available On Demand
- Business Cloud Essentials - Making Tax Digital
Available On Demand
- Legal - Making Tax Digital
Available On Demand
- eFinancials - Making Tax Digital
Wednesday, November 28, 2018, 09:30 AM GMT
- OpenAccounts - Making Tax Digital
Wednesday, November 28, 2018, 02:00 PM GMT
- Exchequer - Making Tax Digital
Thursday, December 13, 2018, 09:00 AM GMT
- OpenAccounts - Making Tax Digital
Thursday, December 13, 2018, 10:00 AM GMT
- e5/Cloud Financials - Making Tax Digital
Thursday, December 13, 2018, 11:00 AM GMT
- eFinancials - Making Tax Digital
Thursday, December 13, 2018, 01:00 PM GMT
- Business Cloud Essentials - Making Tax Digital
Thursday, December 13, 2018, 02:00 PM GMT
- Legal - Making Tax Digital
Thursday, December 13, 2018, 03:00 PM GMT