Further to our Spring Enhancements announcement earlier this month, we wanted to highlight the changes to VAT reporting that will come into effect from April 2019.
From that date businesses above the VAT threshold will have to keep their records digitally (for VAT purposes only) and provide their VAT return information to HM Revenue and Customs (HMRC) through ‘Making Tax Digital’ (MTD) compatible software.
• Only VAT registered businesses will need to keep digital records and only for VAT purposes.
• They will only need to do so from April 2019.
• Businesses will not be asked to keep digital records or update HMRC quarterly for other taxes until at least April 2020
Sage has already been working with the HMRC to ensure the best possible experience for all Sage Users and would encourage all customers to upgrade to the latest version, Spring Enhancements 2018 to ensure you are ready and best positioned for the updates needed.
Any questions? Please do not hesitate to contact us for further information regarding upgrading.
For more information on MTD – https://www.sage.com/en-gb/blog/making-tax-digital/?