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Choose one of the following options:
Option 1: HMRC Direct
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Easily submit your VAT return with a few clicks to HMRC.
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Option 2: Xero Accounting
Post data into Xero
Post receive and spend bank transactions from Excel into Xero.
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Designed for accountants to share with their clients.
Option 3: QuickBooks Online
Post data into QuickBooks
Post receive and spend journal entries from Excel into QuickBooks.
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Transactions posted to QuickBooks accounting are validated on posting.
Review not Redo
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Making Tax Digital in the UK
Get set for digital returns
HMRC have set out their intentions to become one of the most advanced tax authorities in the world by enhancing the customer experience whilst also closing the tax gap. They aim to do this through the Making Tax Digital initiative, which will transform how HMRC deal with their customers.
So what does this mean for VAT registered businesses?
HMRC There are three key digital components to Making Tax Digital for VAT (MTDfV):
1. Digital records
Although this does not mean businesses will have to store each invoice and receipt digitally, the transaction data will need to be stored digitally. This includes an AP and AR transactional listing and a digital VAT account from which the VAT return is prepared.
2. Digital links
VAT returns must have digital links to digital records – spreadsheets can remain, but they will need ‘digital links’ to source systems. HMRC has announced a soft landing period of 12 months, however digital links will be mandatory from April 2020.
3. Digital submission
At present, most businesses submit their VAT returns through manually re-keying into HMRC’s online portal. This will no longer be permitted once Making Tax Digital comes into force and instead, VAT return submissions must be done digitally via HMRC’s Making Tax Digital API. Digital submission of VAT returns will be required for most businesses for periods starting on or after 1 April 2019.
Who does it affect?
Making Tax Digital (MTD) covers both individuals and businesses across a number of taxes. For businesses over the VAT registration threshold, VAT is the first tax selected for digitalisation in the UK. This will take effect from 1 April 2019 for most businesses. For Income Tax and Corporate Tax, MTD will not be mandated until April 2020 at the earliest.
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