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Are you ready for the Making Tax Digital for VAT deadline?

Posted on 12th December 2018 at 13:50
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There is a major change on the horizon regarding how VAT returns are submitted.

VAT-registered companies with a taxable turnover above the VAT threshold are required to use the Government’s new Making Tax Digital for VAT service to keep records digitally and use software to submit their VAT returns from April 1, 2019*.

So you’ll need to check that your finance software is Making Tax Digital for VAT compliant – or ensure that you have suitable finance software operational by the deadline, if you don’t currently have a system in place.

Your finance software may also need to be upgraded or updated to ensure that it is able to deliver the capabilities required by the Making Tax Digital for VAT service.

If your VAT returns are submitted via a bespoke finance system provided by your accountant, you’ll need to ensure that this is compliant too.

Don’t leave it too late to ensure your finance systems are compliant.

*Some businesses will have until October 2019 before Making Tax Digital is mandatory for them. These include trusts, ‘not for profit’ organisations that are not set up as a company, VAT divisions, VAT groups, public sector entities required to provide additional information on their VAT return (Government departments, NHS Trusts), local authorities, public corporations, traders based overseas, those required to make payments on account and annual accounting scheme users.

How Cellular Solutions can help

Sage 200cloud software, which is delivered by Cellular Solutions, is a Making Tax Digital for VAT compatible system and can help you streamline your financial processes and boost productivity.

We can embed this software into your business and ensure that it is working to its full potential. We can also provide training on Sage 200cloud and other systems.

In addition, our specialist business systems team can assess your current systems and provide guidance on what updates, upgrades and overhauls may be needed to get Making Tax Digital for VAT ready.

This is an ideal time to review your system and to ensure that the finance software you are using will help your business become more efficient and support its growth.

We have a long track record in embedding business systems into companies and this expertise has been employed to effectively replace manual or very basic systems, upgrade current software or introduce more tailored solutions which can completely transform business processes.

Need support in getting ready for Making Tax Digital for VAT? Contact our team today – call us on 08700 118 000, email info@cellular-solutions.co.uk or click here.

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