The first phase of HMRC’s plans of Making Tax Digital is now fast approaching with its launch on 1st April 2019. This means that VAT registered businesses with a turnover in excess of £85,000 per year will have to file VAT returns with HMRC using compatible software. The current option of logging into the Government Gateway and inputting the numbers will no longer be available.
It is therefore crucial that anybody needing to file a vat return under the new scheme will need to be sure that they have plans in place in good time to meet the deadlines and to commence recording their trading activities in the appropriate manner from 1st April. HMRC will not be providing any software in order to maintain accounting records digitally under the new rules.
Anybody requiring any assistance with the new regime can contact websters who will be able to give further guidance if necessary.