Four long years ago the words ‘Making Tax Digital’ were first uttered by Chancellor George Osborne at the despatch box in the House of Commons, signalling the beginning of radical reforms that are set to shake up accounting for ever.
Last week, those same proposals, announced at the Spring Budget 2015, finally took effect, with the first phase going live on 1 April. The changes mean that VAT filings and records must be carried out and kept digitally through specialised APIs, to use the jargon. These are,essentially, a set of functions that computer programs use to make a system operate.
It’s been a long slog to get here, with delays to the original timetable meaning a later-than-planned start for MTD for VAT. Some sceptics thought it might never actually happen. But it has. Now, the question is: were you 100% ready to put it all into action on 1 April or are you still trying to catch up?
Hundreds of accountants have attended our Keytime MTD roadshows or watched one of our webinars over the past year but, even then, you may still feel you need some more guidance.If so, have you read our guide?
This will give you all the essential information you need.
HMRC has pledged to approach the reforms with a soft landing, which permits you a little more time if you haven’t quite got everything in place yet.
Keytime has a comprehensive MTD solution with a simple three steps process.
We’d also like to point out to you a recent addition to our MTD solution, in case you didn’t get the memo already. That is, Keytime VAT Filer. It’s available to buy as part of our Keytime Accountants' Suite and is what HMRC calls ‘bridging software’.
Keytime VAT Filer allows you to import summarised VAT figures from Excel. It automatically connects to HMRC, and retrieves client data, such as previous submissions made under MTD, current VAT obligations, liabilities due and payments already made. Your clients’ submissions are, therefore, much more straightforward.
There is another way you can easily and efficiently comply with MTD for VAT. In actual fact, we believe it’s the ideal solution. That’s to say, our bookkeeping software KashFlow, which allows for digital records to be maintained and values to be submitted directly to HMRC.
We realise that online bookkeeping software doesn’t suit everyone. If not, Keytime VAT Filer’s for you.
Don’t panic if the big day has come around more rapidly than you expected. Our Keytime Guide is designed to help you get to grips.
We’re always at the end of the line too. A member of the Keytime team will be only too happy to help you, should you wish to chat about MTD compliance. Call us 0344 815 5560.
E-mail us today at MTD@Keytime.co.uk