Making Tax Digital

HMRC have been working hard for the last year to change how businesses need to keep our VAT records and how we submit our VAT returns. This change is only mandatory for businesses that are VAT registered with a taxable turnover ** which is above the VAT threshold, which is currently £85,000. But don’t panic, this change does not take effect until periods starting on or after 1st April 2019.  By going digital, it makes submitting your VAT returns much quicker and simpler, all with the click of the button.

Our software connects to HMRC’s system via an API (Application Programming Interface) some of the functions that retailer will be able to perform will be;

1)      Keeping all your records digitally, as required by the regulations.

2)      Creating your VAT return from the digital records held within retailer and sending this information to HMRC electronically.

3)      Providing HMRC with VAT data on a voluntary basis.

4)      Receiving information from HMRC via the API platform

 

Further information can be found here https://www.rbauk.com/mtd/

 

** VAT Taxable turnover is the total value of everything you sell that is not exempt from VAT.