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For VAT periods commencing on or after 1st April 2022, ‘Making Tax Digital’ (MTD) will apply to all VAT registered businesses regardless of turnover.
There are certain requirements for MTD for VAT. The main requirement is for businesses to maintain digital records using what HMRC refer to as ‘functional compatible software’. This means a software program that can connect to HMRCs’ systems. The functions must include the ability to keep and preserve records in a digital form, create a VAT return from those records and provide HMRC with the return digitally.
Cloud accounting software, such as Xero and QuickBooks, are amongst the packages that are compatible with HMRC’s online portal. Cloud software has been in use for years now and has many benefits. Multiple users can be set up, with varying security levels, ensuring that everyone can access real time information and bookkeeping records are kept efficiently. Accountants are able to collaborate with clients, quickly and easily, offering advice on up to date figures.
If you would like any further information please contact Gillian Dixon in our Kelso office.
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