Making Tax Digital for VAT registered businesses for businesses above the VAT threshold of £85,000 has been compulsory since 2019.
However, from November 2022, all VAT-registered businesses must comply with Making Tax Digital (MTD) and submit returns using MTD-compatible software. Therefore, if you have registered voluntarily for VAT as you are under the £85,000 threshold, you will need to comply with the new rules.
What is Making Tax Digital for VAT registered businesses?
In the simplest of terms, MTD for VAT registered business means that from April 2022 VAT records must be held electronically. Your VAT returns must then be returned online using compatible software which connects to HMRC systems automatically.
You can find a list of what records you must keep digitally on the Gov.UK website.
This is bringing a lot of fear to many small business owners who are not yet using compatible software and are unsure where to start or what to do. Time is precious to small business owners and the thought of having to take time out to research what needs to be done and how can seem overwhelming.
This is where Maynard Johns can help you!
Making Tax Digital support and services
At Maynard Johns Chartered Accountants, we have a range of services to help you get to grips with Making Tax Digital and help relieve the stress in getting set up.
Choosing the right software
We can help you choose the right software. If you are not yet using MTD compatible software, the thought of choosing the right one can instantly bring fear and confusion. There are so many to choose from and different ones suit different business requirements.
You may be a business with employees and need to ensure your MTD software has payroll features. Or you may be a business that needs your MTD software to integrate with other third-party software you are already using.
Then you have the choice of whether to use a free or paid version of the software. Whilst you may be tempted to go for the free version, this may not have the best features for your business and cost you more in time, effort and stress than choosing a cost-effective paid option.
Whichever you choose, it must be recognised by HMRC.
Maynard Johns Chartered Accountants will work with you to determine which Making Tax Digital software for your VAT-registered business is the best choice for your individual needs. We can also help you find a solution that has useful features to help your business grow should you wish with up-to-date information to make informed business decisions.
Making Tax Digital training
It’s one thing finding the right software, but it’s another thing trying to use it!
Again, time is a huge factor here and whilst most software has training guides, mistakes can be made. At Maynard Johns, we have dedicated staff to support you whatever your learning style or budget.
Training can be provided on a tailored one-to-one basis or group training can be given.
We will train you how to:
- Personalise and tailor the software to your business needs
- Integrate the software with any third-party applications you already use
- Import existing contacts
- Set access levels for users in your business
- Use the software to upload documents, receipts etc so no more paperwork needs to be kept
- How to use shortcuts to keep your record-keeping time to a minimum
- And much more …
To see the full range of training we offer take a look at our Xero Training page which can be adapted to alternative software providers also.
MTD support services
Whilst you may be set up with the correct software and understand how to use it, there may be times when you need additional support with Making Tax Digital for your VAT-registered business.
- Dealing with HMRC if any questions arise.
- Helping with the completion and submission of your MTD returns
- Sending you automatic reminders for things such as filing deadlines
- Creating reports for you to be able to review your business and plan ahead for the future. These reports can include:
- Stock levels
- Credit Control
- Profit Margins
- Top-selling items
- Top Suppliers
- Cash balances
To find out more about the support we offer, get in contact with us today.
Done for you Making Tax Digital
Or we can just do it all for you and take the hassle away leaving you to get on with the day job!
You hand over everything to us at Maynard Johns and we will ensure your business is compliant with Making Tax Digital for VAT-registered businesses and that everything is filed on time.
Our done-for-you service includes your own personal account manager who will get to know you, your business, and your individual requirements. You will always be able to speak with their team who will be able to deal with any questions or requests you have quickly and efficiently.
We have a range of fixed-priced packages available, so you never need to worry about any unexpected costs.
You can find out more about our fixed-priced accounting packages for making tax digital here.
Time is now of the essence so if you are not ready to comply with Making Tax Digital for VAT-registered businesses, call us now on 01237 472071.