Your first Making Tax Digital VAT Return is due soon – are you prepared?

Making Tax Digital (MTD) came into force on 1st April 2019 for VAT-registered businesses with a taxable turnover above £85,000. These businesses are now required to keep digital VAT business records and submit their returns using MTD-compatible software. So, the system is already live!

The new system applies to all VAT periods commencing on or after 1st April 2019 meaning that many of you will be doing your first MTD return in the next six weeks!

As the scheme was originally deferred and many amendments made, it can be confusing to follow the legislative updates. Significantly, HMRC will not be providing any software to accommodate the change.  Many businesses will be able to use their existing software, including spreadsheets, as long as it is capable of communicating directly with HMRC’s systems, or works with bridging software that can perform that function.

At Richard Place Dobson , we advise on whether your existing software is compatible, or what you have to do to make it so.  Alternatively, we can do the hard work for you and process and submit your VAT returns. We also offer our clients advice on being as tax effective as possible and can prepare you for future deadlines. If you’re in the small minority of businesses that have more complex requirements and your deadline is 1st October 2019, we can make sure you are equipped and are keeping digital records and using MTD-compatible software.

Matthew Tyson, Managing Director, said: “The MTD scheme has been designed to make the system more effective, more efficient, and easier for taxpayers to get right.

“Our team have the specialist knowledge to ensure clients reports are correct and filed in a timely manner - leaving businesses to focus on the more important day-to-day running of their business.”

To discuss how Richard Place Dobson can help you, please call 01293 521191 or email mtd@placedobson.co.uk.

-ENDS-

Richard Place Dobson is one of the leading Chartered Accountants and Business Advisors in the Sussex area. We take our clients beyond accounts preparation and tax calculation, building a relationship with them that encompasses tax planning, asset protection, profit improvements and strategic planning.

Richard Place Dobson also specialises in the charity and not-for-profit sectors. Our specialist team act for over 100 charities and not-for-profit organisations of varying size and location. We are able to advise on all areas of the sector including SORP compliance, independent examination and risk management and reserves policy.

At Richard Place Dobson we don't just work for you, we work with you. We are not just here to ensure you meet your statutory obligations but also to help develop your goals and to get you where you want to be.