From 1 April 2019 HMRC launch their new expectations and digital approach to book-keeping and VAT and it is the first phase of quarterly digital reporting and will start to affect everyone in the next year or two. This first phase will affect all businesses with a turnover over the VAT registration threshold but eventually there are changes ahead for everyone.
From the first full VAT quarter starting on or after 1 April 2019 businesses will need to file their VAT returns through a new Making Tax Digital (MTD) Government Gateway. It is a new self-administered HMRC system which means you are not automatically registered but have to ensure you have “signed up” to the new MTD Government Gateway by your due date. This all sounds slightly scarier than it is in reality, and more information relating to MTD can be found on the HMRC website on the following link: https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital#making-tax-digital-for-vat
We have been preparing our clients for this change over a number of months and we will continue to support them during this transitional period and beyond, with extra book-keeping training where needed along with general support and reassurance that they are compliant with the new HMRC expectations. If you have any concerns or questions relating to these changes and how they may affect you please contact us to make an appointment to discuss this further. We do not believe in using “technical jargon”, we will be happy to meet with you to explain the changes in a straight forward manner leaving you feeling knowledgeable and in control.