Pierce supports businesses preparing for digital VAT after HMRC U-turnPierce is warning all VAT registered businesses to be ready for Making Tax Digital following HMRC’s U-turn decision.
Initially, plans were laid out for landlord and other self-assessment businesses to start using the process from April 2019, but now all businesses with a taxable turnover above the VAT registration threshold (currently £85,000) will be required to keep their records digitally.
Businesses will have to send their VAT returns using Making Tax Digital compatible software, replacing the old method of submitting their figures on HMRC’s website, making the process more effective and efficient going forward.Pierce is helping businesses move over to the new digital platform, ahead of the introduction in April 2019, by offering a free consultation to look at the most suitable software options for the company.
Ahead of the deadline, there are many challenges that businesses will have to factor in, including:
- Converting manual records into a digital version
- Converting spreadsheets to a recognised book-keeping software that will link directly to HMRC
- Adapting bespoke software to work in line with the new processes.
- Upgrading old software that may no longer be compatible
- Assisting businesses to select the most appropriate software for their requirements
- Implementing the software
- Providing thorough training during the initial set-up and when required
- Taking the headache away by providing a full package