HMRC’s Making Tax Digital: A Debitoor Q&A

Written by WhitneyWhitney, 21 March 2019 in Making Tax Digital

The start of Making Tax Digital for businesses over the taxable turnover threshold of £85,000 is just around the corner. With April 1st coming up quickly, VAT-registered businesses in the UK are looking for answers and solutions for managing VAT returns under the requirements laid out by this new regulation.

Here at Debitoor, we’ve also been hard at work preparing for the April 1st deadline, to ensure that the software offers the options necessary for our users to continue their invoicing and accounting needs and meet the requirements of Making Tax Digital software.

In this article we have a short set of questions and answers about MTD in general, plus specific information about Making Tax Digital and Debitoor.

Debitoor accounting and invoicing software is HMRC approved. Submit your VAT returns easily from your account to HMRC, just like on this computer.

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Rules for digital records keeping as part of Making Tax Digital

Written by JackJack, 26 February 2019 in Making Tax Digital

Before you start panicking - if you're used to keeping paper records or doing things manually, this doesn't suddenly mean that you have to start scanning everything you've ever done so that there's a digital copy of it all. You can carry on with a paper based system so long as each individual transaction is also recorded and stored somewhere digitally (to later be communicated to HMRC).

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What is a complex business under HMRC's Making Tax Digital scheme?

Written by JackJack, 26 February 2019 in Making Tax Digital

With HRMC’s Making Tax Digital deadline(s) approaching fast, we thought it would be a good idea to look at what HMRC means when they consider a business “complex” (in turn, complex enough to give some businesses a 6 month delayed deadline until October 2019).

... continue reading: What is a complex business under HMRC's Making Tax Digital scheme?

Moving from Excel to online accounting software for Making Tax Digital

Written by JackJack, 26 February 2019 in Making Tax Digital

By this point, you've probably heard somewhat of HMRC's new Making Tax Digital Scheme that's set to roll out on the 1st of April 2019. Or you might be very familiar with it.

HMRC want to use their Making Tax Digital initiative to bring tax reporting and compliance up to date - and for HMRC themselves to become one of the most digital advanced tax administrations in the world.

As it stands, all businesses that are over the VAT threshold of £85,000 a year turnover and are not complex in nature will have to comply with HMRC's Making Tax Digital scheme when it's introduced in April.

If your business is considered complicated, then Making Tax Digital will not come into effect for you until October 2019.

... continue reading: Moving from Excel to online accounting software for Making Tax Digital

Penalties under the Making Tax Digital Scheme

Written by JackJack, 19 February 2019 in Making Tax Digital

After some debate (and feedback on how it should be structured in regards to simplicity), HMRC have settled on how penalties will work for filing or paying late when it comes to submitting your VAT return online under the new Making Tax Digital scheme. The scheme comes into effect on the 1st of April 2019.

image of a woman marking a date in a calendar

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HMRC and your VAT

Written by WhitneyWhitney, 10 January 2019 in Making Tax Digital

In 2019, HMRC is introducing the newest regulations involving the digitisation of tax in Making Tax Digital for business. The new requirements will apply to any business with an annual turnover above the VAT threshold, as well as those that have voluntarily registered for VAT.

HMRC is introducing Making Tax Digital, which means all businesses including those in the buildings from this picture of downtown London, will need to use software to report VAT

... continue reading: HMRC and your VAT