“Making Tax Digital for VAT

Tax Return Online Services will be offering a MTD Vat return service which will allow you to submit your figures to us in your usual way and then we will be submitted them to HMRC using the software Tax Calc (this is the software presently used to file your Self-Assessment and Corporation Tax Returns).   Unfortunately due to the increased costs of purchasing additional services from the software provider the cost of filing your VAT return will increase from April to £55 plus VAT per quarter.

“Making Tax Digital for VAT requires VAT registered businesses with taxable turnover above the VAT registration threshold to keep records in digital form and file their VAT Returns using software.

It is increasingly common for business records and accounts to be kept digitally, in a software program on a computer or tablet, or in a smartphone application, or maintained through such a device and stored using a cloud-based application. The difference under Making Tax Digital is that the software which businesses use must be capable of keeping and maintaining the records specified in the regulations, preparing their VAT Returns using the information maintained in those digital records and communicating with HMRC digitally via our Application Programming Interface (API) platform.

If your digital records are up to date, software will be able to collate and prepare your return for you. It will then show the return to you and ask you to declare that it is correct and confirm that you want to submit it to HMRC. Once you have submitted your return you will receive confirmation through your software that it has been received.”  From HMRC website

 

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