News & Updates

17/03/19
HMRC have confirmed that Making Tax Digital for VAT will go ahead as planned from 1 April 2019.

This applies to businesses with a turnover in excess of the threshold figure of £85,000. They are required to keep digital records and submit their VAT returns using MTD compatible software for VAT periods starting on or after 1 April 2019.

There are various software companies who are eager to sell their packages but it’s also wise to remember that HMRC will accept returns via bridging software, enabling those who prefer to continue to use spreadsheets as a means of recording VAT data.

HMRC have also confirmed that they are introducing a “soft landing” approach to penalties in the first year of implementation “where businesses are doing their best to comply, no filing or record keeping penalties will be issued”.

HMRC have also confirmed that MTD will not apply to any other taxes until at least April 2021.

At Jim Clark Accountancy, we have a number of software and support options for anyone still looking for a solution to ensure they are VAT compliant – whether you are under or over the threshold. Please feel free to contact us for further information.

Jim Clark

Jim Clark

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Address:
6 West Hillcrest
Lerwick
Shetland
ZE1 0JZ

Tel:
01595696714

Email:
jim@jimclarkaccountancy.co.uk

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