VAT

Ever changing regulations and the growing demands of HMRC mean VAT compliance can be a difficult administrative process.

We can help to ensure that you comply with the regulations and that overpayments are not made. To help you manage this complex area, we provide an efficient, cost-effective VAT service, which includes:

• assistance with VAT registration;
• advice on VAT planning and administration;
• use of the most appropriate scheme;
• VAT control and reconciliation;
• help with completing VAT returns;
• planning to minimise future problems with HMRC;
• negotiating with HMRC in disputes and representing you at VAT tribunals if necessary; and
• help getting up to speed with Making Tax Digital (MTD).

Making Tax Digital

Over the coming years, the government is planning to introduce its Making Tax Digital (MTD) initiative, which will see taxpayers move to a fully digital tax system. The VAT system will be the first to be overhauled.

Big changes ahead

• Beginning April 2019, VAT registered businesses with a turnover above the VAT registration threshold (£85,000) will be required to keep digital records and file VAT returns direct from the software you use to keep your records.
• Vat returns must be filed direct from the software you use to keep your records.

What does this mean for you?

• If your turnover is above the VAT threshold and you do not keep digital records for VAT, you may need to consider moving your manual records to a MTD compatible software system.
• You will no longer be able to manually enter your VAT return figures into the Government Gateway.

Speak to us today to discuss how the Making Tax Digital reform for VAT will affect you.

Need more information?

If you would like more information or would like to speak to us direct then call us on 01851 702335. Or if you would prefer, ask us a question online.

Murdo Maclennan
Bookkeeping, VAT
murdo@mannjudd.co.uk

Julia Macphail
Accounts, VAT
julia@mannjudd.co.uk

Kathleen Campbell
Bookkeeping, VAT
kathleen@mannjudd.co.uk