27 Jun Do you need to file your VAT digitally by April 2019?
Will you need to file your VAT digitally by April 2019?
All businesses over the VAT threshold, that’s 85K must comply with the new digital filing requirements (MTD). The deadline is April 2019.
MTD – Do you know what it means for you and your business?
Having your own business can be a great feeling! Being your own boss and working when you choose on what you choose can be exhilarating! But, and there’s always a but, it does come with a set of responsibilities, some of which can be overwhelming and time consuming.
All businesses and business owners have to file a tax return, whether it’s for personal or business tax. Soon all businesses will have to file with HMRC using a digital portal with no manual intervention – this is the Making Tax Digital Scheme.
The first group to have compulsory digital filing are those businesses which are VAT registered and who’s turnover is above the VAT threshold. From April 2019 they will have to file their VAT through the MTD portal using an up to date version of the compatible software.
This may not apply to you right now – but in April 2020 compulsory filing may well include Income and Corporation tax.
So how can you make sure you are ready to file digitally?
It’s easy. Just get in to cloud accounting. Get yourself familiar with what’s available with regard to Cloud Accounting. And how do you do that? Call us and we’ll walk you through what’s available and what we think will suit you.
EA Assist works with a wide range of businesses offering a selection of cloud accounting packages to suit individual needs. Because you will be already using digital software your VAT will be ready to file each quarter at the press of a button.
It’s important to get ready for MTD. It may not apply to you now but it most definitely will in the future.
Once you see just how easy using a cloud accounting package can be you will wonder why you didn’t get on board before! There are so many apps and add-ons to make your working life easier from invoicing, bank feeds, receipt management, mileage counters and so much more!
Check out a blog here by Xero regarding MTD and filing your VAT return. Xero makes it so easy to file your VAT and is fully compatible with the new HMRC filing portal so once you are up and running you won’t need to worry when MTD comes in to effect for you, you will already be compliant just by being on Xero.
What to do next
If you would like an introduction to cloud accounting then please give us a call. We can meet with you for a fact finding session and then let you know what we think suits you best and the costs involved.
We are on hand to help and advise whenever you need it. Modern technology gives the opportunity to manage businesses functions on the move and once you see how easy it is we know you’ll love it!
So get in touch now and get back your evenings and weekends. No more invoicing in the evening or chasing clients for cash at the weekends.
You can do it all from you mobile device while you are on the move in your working day.
For more information on Cloud Accounting visit our Cloud Accounting web page here or call us now to book your introduction to Cloud Accounting with EA Assist.