MTD for VAT – Making Tax Digital
AM-Accounting are geared up, and ready to serve all our clients, to make sure they meet their compliancy with HMRC for Making Tax Digital.
This is starting 1st April 2019 For VAT businesses in the United Kingdom
- There are 2.65 million VAT Registered Businesses in the UK
- Currently it is estimated that 60% currently use Excel to prepare their VAT Returns before submission to HMRC.
- There are a few reasons why Businesses in the UK are still using Excel, the main driver being Cost.
- The cost of using Excel is far lower than using other Bookkeeping Software on the market.
From the 1st April 2019 a Bridging software will be required if you continue to use Excel. You will not be able to submit VAT returns under Making Tax Digital using the existing HMRC portal for VAT with the 9 boxes.
What the Bridging software does is create an Intermediary link between your Excel and HMRC, thus the Bridging Software is an API (Application Programming Interface).
As Accountants we are obviously extremely knowledgeable about Excel however we are a Practice that are looking to the future. As such for VAT, we currently partner with two of the UK’s most trusted and respected firms when it comes to Cloud Accounting.
These softwares will not require Bridging Software and have all the functionality and reporting skills of Excel style VAT Reporting built in –
Therefore, be rest assured, you will be in safe hands with our Accountancy Practice, should you choose our excellent quality MTD Compliant Accountancy services.
All staff are Advanced Quickbooks Proadvisor and Sage One Certified Advisor Accredited.