Making Tax Digital for VAT
Posted On June 13, 2018 By mhauk
Date(s) - 13/06/2018 - 26/06/2018
8:30 am - 11:00 am
Our member firm MHA Broomfield Alexander are holding a series of Making Tax Digital (MTD) Seminars with Centurion VAT during June 2018 to continue to raise awareness of the changes that will take effect for VAT from 1 April 2019. The seminars will include a demo of the Xero cloud accounting software package and Centurion VAT Specialists will provide a hints and tips session to help ensure that you are prepared for the 1 April 2019 start date.
Making Tax Digital for VAT brings a major change in how VAT data will need to be reported. It’s not just about ensuring your accounting software can cope with the Digital Submission of your VAT Return. If the core posting of VAT data is not compliant, neither will the Electronic VAT Account accurately reflect all the entries required in each of the nine VAT Return boxes. Centurion VAT believe it’s vital to understand what information any software system needs to reflect on your organisation’s VAT Return – for instance, how you deal with Bad Debt Adjustments, Reverse Charge Services, Partial Exemption etc., as well as the mandated form of data for every supply you make and purchase. Making VAT Digital will affect any VAT registered entity with turnover over the VAT registration threshold and includes not for profit bodies.
The Seminars Will Cover:
- What is “Making Tax Digital” and the details that have been released by HMRC;
- When will MTD be brought in?
- A demo of Xero cloud accounting software package, which is one of the software packages that we recommend;
- Centurion VAT Specialists can help you start to verify what VAT data needs to be entered and where in the Electronic VAT Account to ensure you are ready for the April 2019 start date;
- The actions that you need to take now.
The seminars are intended to be informative, informal and there will be time allocated for an open forum. If you think you that you will be affected by the changes then planning is key to ensure that you will be ready.