Making Tax Digital for VAT

  • What is changing?

    What is changing?

    From April 2019 HMRC will be Making Tax Digital for VAT. This means you may have to change how you maintain and file your VAT returns. At BDODrive we have it covered. Our outsourcing solutions include MTD compliant platforms and we are investing in bridging software to ensure there is a solution to meet your business needs.

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  • What does MTD mean?

    What does MTD mean?

    All companies that are registered for VAT in the UK and have a taxable turnover exceeding £85,000, including charities and businesses based overseas, will need to comply with the new rules. Businesses will need to keep “digital” records and file their returns via “functional compatible software”. This will ensure there is a digital link from source data (eg. invoices) through to the VAT return.

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  • When?

    When?

    In April 2019 businesses will need to submit returns with a digital link to their bridging software. From April 2020 a full digital trail to source documents will need to be in place. That means act now.

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  • Cloud accounting solutions?

    Cloud accounting solutions?

    For clients on cloud accounting solutions such as Xero and QBO, these platforms will be compliant if you make your returns direct. If you need to perform workarounds such as for partial exemption requirements then a bridging software solution will be needed. BDODrive can help with this, whether you want to migrate to a cloud based solution or if you need help with understanding if you will be compliant.

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  • Other accounting platforms?

    Other accounting platforms?

    Unless your supplier has implemented a fix you will need to find a solution to ensure compliance. The key requirement is to ensure there is a digital trail which can be followed back to source transactions. Bridging software can take information from your accounting platform and maintain the trail to ensure compliance. BDODrive can advise on possible solutions and ways of ensuring compliance. Contact us to find out more.

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