Making Tax Digital for VATby Vidit Agarwal NOMISMA - Excellent Small Business Accounting Soft
Making tax digital is a great initiative taken by HMRC which is going to take place on April 1, 2019. It is started for all VAT registered businesses with turnover of 85,000 or above VAT threshold. Recommended Features
- Making Tax Digital Compliant software
- Making tax digital for VAT
- Making Tax Digital Compatible Software for Digital Submission of VAT details
Review on Making Tax Digital for VATMaking tax digital is a great initiative taken by HMRC which is going to take place on April 1, 2019. It is started for all VAT registered businesses with turnover of 85,000 or above VAT threshold to submit their VAT data digitally to HMRC through compatible software but not using the HMRC online portal.
Every business or organization should take appropriate guidance for making tax digital for VAT as they need updated software to comply with the new requirements. Old software versions will not work after April 1, 2019. Making Tax Digital Compliant software will have to be used to submit VAT returns. These changes will apply to almost all UK VAT registered persons, even to charitable organizations as well as overseas businesses. However, all companies maintaining VAT records manually will need to implement accounting software from the scratch but companies which are already using the software must ensure that the software is MTD compliant. Dont be fooled that all softwares are going to be MTD compliant as some older versions are not working.
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Created on Nov 13th 2018 06:24. Viewed 378 times.
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