MAKING TAX DIGITAL – ARE YOU READY?
From 1st April 2019 all businesses registered for
VAT are required to use the Making Tax Digital service to keep records
digitally and use software to submit their VAT returns.
What will this mean for your business? If you currently calculate your VAT manually
you will have to start using an accounting software program such as Sage
Accounts. Businesses will be unable to
submit their VAT returns via the HMRC VAT website, but will have to use
accounting software to submit automatically to HMRC.
If your business currently uses an accounting package, you
will also need to ensure that your current software is able to process this new
system. An upgrade may be needed.
If you need help with this big change then contact Flex
Bookkeeping Solutions.
