Making Tax Digital (MTD) is a fundamental change to the administration of the UK tax system. It will affect how businesses and other organisations, agents and individuals maintain their accounting and tax records and how they transact and communicate with HMRC. We are here to help you with the transition to MTD, and can provide advice on the right software package, plus support and training during the installation period.
The Regulations Explained
Under the regulations, businesses with taxable turnover above the VAT threshold (currently £85,000) must keep digital records for VAT purposes and provide their VAT return information to HMRC using ‘functional compatible software’. These new regulations take effect for VAT return periods beginning on or after 1 April 2019.
Under the new MTD regulations, businesses will have to use a compatible software which can connect to HMRC systems.
What HMRC will do
HMRC will not be offering its own software products, but will provide the Application Programming Interfaces (APIs) that commercial software developers will use to develop a range of applications that will enable businesses to keep their records digitally and integrate with HMRC systems.
So what must your software be capable of?
keeping records in digital form as specified by the new rules
preserving digital records in digital form
creating a VAT return from the digital records held in compatible software and submitting this data to HMRC digitally
providing HMRC with VAT data on a voluntary basis
Could accounts software help your business?
Accounts software has come on leaps and bounds in the last few years. It is extremely user friendly, can save time and avoid expensive errors. Whether you want advice on the right accounts or payroll software or training on some of the leading packages then we can help.
As a digitally focused business we can even support you with broader business technology solutions:
Online accounts packages;
Contact management software;
Advising on the necessary software;
E-mail and internet set up;
Management reporting solutions;
Use of various office software packages.
“WBV are so easy to contact, there is always someone there I can speak to and rely on to help me quickly.”
Patricia Edmunds • Hanford’s Chemist
“We find WBV to be very responsive, approachable, thorough and a good sounding board. They offer a different and valuable perspective on business issues.”
Peter Morgan • Hutchinson Thomas
“I can’t stress how helpful WBV are, they make running the business side of the practice so much easier and simpler – they just sort everything out for us.”
Sharon Roderick • St Teilo’s Dental Practice
“They are very attuned to needs of medical practices and are very knowledgeable of the underlying circumstances around running general practices.”
Kath Morgan • Fforestfach Medical Group
“A few years ago I sold another company to a plc and WBV’s knowledge and experience were invaluable. They were with us from start to finish and helped successfully close the deal, which was worth £1.45million.”
Kevin Lewis • Craftsman Flooring
“If you have a problem they are there sorting it out the same day. They are not remote or in an ivory tower, there is always someone there to speak to and able to help.”
Martyn Davies • Siesta Home Improvements
“We consider WBV to be an extension of our team and have a real sense of security, knowing there is always quality advice on hand as our business continues to grow.”
Andrew Rees • Allison Jayne Bridalwear