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.