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From the 1 April 2019 VAT registered businesses above the current VAT threshold (£85k) will no longer be able to use manual or Excel based recording systems to submit VAT data to HMRC.
Latest updates:
14 May 2019 - Click here to read for further guidance on the use of supplier statements to record VAT totals.
Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs.
HMRC’s ambition is to become one of the most digitally advanced tax administrations in the world. Making Tax Digital is making fundamental changes to the way the tax system works – transforming tax administration so that it is:
The award winning TaxCalc range of software has been supplied to 30,000 individuals, small businesses and accountancy practices since 2005.
Silver Levene are chartered certified accountants and tax advisers with more than 25 years specialist experience within the pharmacy sector.
Hutchings Accountants are providing full support for all clients who are not using MTD compliant software to prepare their VAT returns.
Read this article by Silver Levene for guidance
Find out more on the HMRC website.
Compiled by the NPA Pharmacy Services team by contacting HMRC to confirm certain aspects of compliance in relation to Making Tax Digital.