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Making Tax Digital
Newsletter issue - May 2021
From 1 April 2021, all compulsorily VAT-registered businesses that submit electronic VAT returns are required to digitally link the business records to their VAT returns. This must be done by using HMRC approved bookkeeping software. This can include spreadsheets prepared in Microsoft Excel, or similar software, but the key point is that the data must flow automatically from the initial manual input to the VAT return. HMRC does not accept that the use of cut-and-paste or copy-and-paste to move information between software programs, or within different parts of a software program, to be a digital link.
Initially, there was a soft-landing period where these rules were not being enforced, e.g. cut-and-paste techniques were still being permitted, though HMRC were encouraging businesses to follow them as closely as possible. From 1 April 2021, HMRC will enforce the rules and penalties will be charged for non-compliance.
Businesses should refer to the information contained in VAT notice 700/22 for further information regarding the Making Tax Digital for VAT initiative and their corresponding responsibilities.
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"Paul has provided accountancy services to my company for 2 years now. I can recommend Paul very highly; his skills as an accountant are highly detailed and professional and he is always available to provide advice. One aspect of the way Paul works that I greatly appreciate is a preference to meet face to face when there is a detailed conversation to be had. I personally find this more productive and is a benefit of working with a small accountancy firm that you wouldn't get with the large faceless providers."
ALISTAIR FAIRWEATHER - PROGRAMME & PROJECT MANAGER, DELIVERING/RESCUING I.T. 7 BUSINESS CHANGE WITH BUDGETS UPTO £50M INC SUPPIER MANAGEMENT
"I couldn't ask for more from Paul as an Accountant. Paul has been accountant to Work Relief Charity Recruitment for just over a year now and is proving an invaluable asset. Accurate, knowledgeable, flexible with an emphasis on service delivery, I would recommend Paul's services to any organisation looking for an accounts professional."
Neil Price - Managing Director at Work Relief Charity Recruitment
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Lee Westrap MBCS - Director - Bulldog IT Services
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