Jun 28

Is your small business ready for the new HMRC Making Tax Digital requirements?

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Is your small business ready for the new HMRC Making Tax Digital requirements?

Under new HMRC regulations, almost all UK VAT registered businesses need to comply with new, digital record-keeping requirements as part of the “Making Tax Digital” (MTD) programme. The “Making tax digital” programme is designed to streamline reporting processes for businesses. The end plan is to replace the traditional paper trail with a digital one, directly linked to HMRC.

At Atkinson Accounts, we are happy to announce we currently have the required software up and running ready for our clients.

If you currently use our services for the preparation and submission of VAT returns, the change-over will be undertaken by us and should be fairly seamless for your business.
However, if you are currently preparing your own VAT returns, Atkinson Accounts are offering a range of packages to help ensure you are complying with the new regulations.

So, what are your options?

Continue to prepare and submit your own returns.

If you wish to continue preparing and submitting your own VAT returns, you must do so under the new MTD regulations. This will include purchasing new software that enables you to submit your returns directly to HMRC, whilst remaining compatible with MTD for VAT. For more information on how to stay compliant with the new programme please see the following link: https://www.gov.uk/guidance/making-tax-digital-for-vat.

Continue to prepare your own returns, with Atkinson Accounts submitting the figures.

If your preference is to continue to prepare your own VAT returns, but the added cost and pressure of software is discouraging you, then we can help. We are offering a “submission only” deal. If you choose this route, each quarter we will request a copy of your working papers, together with the figures for boxes 1 to 9 on the VAT return. After you have forwarded this to us, we will submit the return and send you a copy of the filed VAT return. This service comes at an additional fee of £100 + VAT which will be added to your annual bill.

Atkinson Accounts prepare and file my VAT returns.

If, however, you would prefer Atkinson Accounts take care of the whole VAT process for you, then simply let us know. After we have passed the quarter end, we will get in touch to request your VAT records; we will then prepare the figures before sending to you for approval. Once the figures have been agreed, we will submit the return using our software, before sending you a copy of the return and, if required, payment details. This service comes at an additional fee of around £300 + VAT which is added to your annual bill.

When does Making Tax Digital begin?

Making Tax Digital for VAT starts on 1st April 2019. In essence, any VAT returns with quarters starting on or after 1st April 2019 should be prepared and filed under Making Tax Digital.
To double check when Making Tax Digital should be implemented in your business, please check your VAT quarters against the below:
Normal quarter end: Mar, Jun, Sep, Dec – First MTD Quarter: 1st April 2019 – 30th June 2019 – Filed by 7th August 2019
Normal quarter end: Jan, Apr, Jul, Oct – First MTD Quarter: 1st May 2019 – 31st July 2019 – Filed by 7th September 2019
Normal quarter end: Feb, May, Aug, Nov – First MTD Quarter: 1st June 2019 – 31st August 2019 – Filed by 7th October 2019


For more information about Making Tax Digital or to see how Atkinson Accounts can help you and your small business please get in touch for your free no obligation consultation.  You can call the office between office hours on 01244 31 6449 or email us at enquiries@atkinsonaccounts.co.uk.