With one of the biggest changes to accounting just around the corner, those who need to comply with Making Tax Digital (MTD) have been left with questions. Turning for help from those enforcing the new system, many people have experienced long waiting times for VAT helplines and callback requests being ignored are just some of the issues.
As with all new services there has been teething problems – direct debits have proved troublesome, and registration isn’t instant like it should be, instead taking days.
However, you don’t need to turn to HMRC. At TreyBridge we can help you get to grips with MTD for VAT, so you can prepare for the first return deadline on 7th August.
Getting compliant with HMRC’s digital route
You’ll have heard of ‘maintaining HMRC’s digital path’, but there’s a lot involved in this. A key part is retaining the correct electronic records. HMRC has helpfully listed the specific documentation that needs to be recorded digitally. Amongst them is the amount of VAT charged and received, as well as basic information.
You should also know how to keep records digitally. There’s a choice: either use compatible accounting software or opt for other tools such as spreadsheets. Though, with the latter, you’ll need to utilise bridging software for a compliant submission.
VAT accounting software
There are numerous bridging tools available, including the popular, and compliant, QuickBooks, Xero, and Sage, which TreyBridge offers as part of our cloud accounting software services.
How does MTD relates to your business?
Every business is different which means your accounting will also need to be unique to you. Alternatively, it might be that you need further information about MTD for VAT, which you just can’t wait on HMRC’s response for. Either way, it’s best to contact an expert accountant to guide you, like us.
Get in touch with us today.