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AccountEdge - AccountEdge Plus - AccountEdge Plus NE
What is Making Tax Digital?
Starting in April 2019, the government's new Making Tax Digital (MTD) initiative will see important changes to the way in which businesses report their VAT information to HMRC.
MTD doesn't change what you submit to HMRC, it changes how you submit it.
MTD aims to provide businesses the ability to keep records of their income and expenditure digitally, and to send VAT summary updates to HMRC from their software. In turn this will provide a more timely, efficient and simpler tax system, reducing the likelihood of errors and giving businesses more certainty of their position throughout the year.
Who is Affected?
From April 2019, VAT registered businesses (including self-employed and landlords) with turnover above the VAT registration threshold (currently £85,000) will have to:
- keep their records digitally (for VAT purposes only)
- provide their VAT return information to HMRC through Making Tax Digital compatible software
Smaller businesses will not be required to use the system, although they can do so voluntarily.
AccountEdge 2019 - Making Tax Digitial
AccountEdge 2019 is Making Tax Digital compatible.
- Current customers with an active Service Agreement can upgrade to AccountEdge 2019 now by clicking here.
- AccountEdge 2019 requires macOS 10.11 El Capitan as a minimum requirement.
- You can check your computer's OS by clicking the Apple button> About This Mac.
- AccountEdge 2018 and earlier will not be updated for MTD compatibility.
Examples from AccountEdge 2019's new VAT Information and VAT Submission windows:
The new VAT Information window provides a simple way to allow AccountEdge to submit VAT returns to HMRC on your behalf.
The new VAT Submission feature allows you to quickly generate your VAT return and submit it directly to HMRC. Click, done!
When Do You Need To Start?
Most businesses and organisations within the scope of Making Tax Digital will have to submit VAT returns from compatible software from the start of their first full VAT period starting on or after 1 April 2019.
Quarterly VAT Periods
The relevant dates for businesses starting MTD from 1 April 2019 that file VAT quarterly are:
* If making payments electronically, otherwise 31 July, 31 August, and 30 September.
Monthly VAT Periods
For businesses on monthly VAT periods, the first mandatory MTD VAT period will be 1 April - 30 April 2019, with a submission deadlines of 7 June or 31 May 2019, depending on whether you pay electronically or otherwise.
When Do You Need AccountEdge 2019?
Current customers with an active Service Agreement can upgrade to AccountEdge 2019 now by clicking here.
We recommend you upgrade to AccountEdge 2019 as soon you can, once it becomes available. This will allow you time to examine the new VAT setup features and help you prepare for your first MTD VAT submission at the end of the period.
However, some points to consider are:
- You do not need AccountEdge 2019 in order to record transactions from 1 April 2019.
- You can upgrade to AccountEdge 2019 at any time prior to submitting your first MTD VAT return.
Further Information
Useful resources can be found below:
Mamut Software Ltd (a company in Visma)
Tel: +44 (0)20 7153 0900
Address: 90 Long Acre, Covent Garden, London, WC2E 9RZ
E-Mail: info@mamut.co.uk
www.visma.co.uk
Registered in England and Wales. Company registration no: 05064294