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Starting in April 2019, a new government initiative called Making Tax Digital (MTD) will see important changes to the way in which businesses report their VAT information to HMRC.
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 & Making Tax Digitial
Making Tax Digitial is an active development project in AccountEdge and MTD support will be introduced in AccountEdge 2019, scheduled for release in March 2019.
Note: AccountEdge 2019 will require macOS 10.11 El Capitan as a minimum requirement. You can check your computer's OS by clicking the Apple button> About This Mac.
Further Information
Useful resources can be found below:
- HMRC Guidance - Making Tax Digital for Business (external site)
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