"From 1 April 2019 all VAT registered businesses with a taxable turnover above the VAT threshold (£85,000) are required to
keep their VAT business records digitally and send their VAT returns using MTD-compatible software."
- HMRC Making Tax Digital for Business - Stakeholder Communications Pack
Making Tax Digital means that business owners and sole traders will no longer be able to file VAT returns through the Government Gateway.
Instead VAT Return data will need to be submitted through the HMRC API and this can only be done using software approved by HMRC.
(this is where can help)
Although theoretically a subtle change from the current mechanism, there are significant ramifications of #MTD in terms of digital record keeping for businesses with a taxable turnover above the VAT registration threshold.
The full rules are set out in VAT Notice 700/22 and the deadline of 1st April 2019 is fast approaching!
Bridge Squared Ltd is one of a handful of independent specialist software developers who have been invited to work directly with HMRC in the pilot phase of testing, ready for roll-out: Software suppliers supporting Making Tax Digital for VAT.
The dedicated team at Bridge Squared Ltd have developed specifically for business owners just like themselves.
Using best of breed technology and with a proven track record of designing and implementing detailed tax software systems, the majority of small business owners can be up-and-cracking on the intuitive system within a matter of minutes from registration.
... coming soon to the Microsoft Store:
Photography by: Raw Pixel