VAT Changes
You will have heard us talking about Making Tax Digital (MTD) and how it affects small businesses. The new rules mean if you are VAT registered with a turnover more than £85k per year, you have to submit your VAT return differently in April this year.
You will have also heard me talking about Quickbooks and Xero. But what if you prefer to use a spreadsheet-based bookkeeping system?
Can I keep my Spreadsheets and comply with Making Tax Digital?
Yes. Yorkshire Accountancy has a new system that lets you keep your spreadsheet system and still comply with the Making Tax Digital rules. All we ask is that each quarter, you send us your bookkeeping spreadsheet. We will convert it to a Making Tax Digital format for you and submit it to HMRC. We recognise that not all businesses want to move to an app like Xero or QuickBooks and for many reasons would prefer to keep their current bookkeeping system.
If you’re interested in finding out more about our new Making Tax Digital submission service, please call us on 01482 845750 or click to contact us.
More about Making Tax Digital?
Making Tax Digital is a new initiative by the HMRC to improve the accuracy of taxation. The first phase, which starts in April involves VAT returns. The new rules will affect companies that pay VAT and have a turnover of over £85,000. Many companies will submit VAT via their accountant or using the government online system. Going forward the rules say that companies need to use specific apps such as QuickBooks to submit their VAT. But not all companies are ready or want to do this so we have devised our new service to help you stay in control of your bookkeeping during the upcoming changes.
