Following the lengthy build up, Making Tax Digital for VAT is here!
But do not worry as you still have plenty of time to ensure that you are compliant as most VAT returns mandated to be submitted through the new system will not be due for submission for a few months from now. Legislation requires that from your first VAT period starting on or after today you must maintain financial records in a digital format, this can be anything from Xero, Sage50Cloud or even a spreadsheet and compatible bridging software.
In addition to maintaining digital records, you must also ‘opt in’ to be compliant as this is not done automatically by HMRC.
Please contact us should you require further information of what compatible digital accounting system is best for you and how to ensure your future VAT returns remain compliant.