April onwards sees a major change in the way that businesses have to file VAT. It’s time to get prepared, says Jono Wilson of accountancy firm Barnett & Turner.
April 2019 is looming fast and that means a big change in the way in which we account for VAT.
From that date, any VAT-registered individual or business above the threshold will have to comply with the new Making Tax Digital regime. There may be some leeway for people who have registered for VAT voluntarily, but anyone else will have to file quarterly returns online.
It’s important you’re fully compliant and up and running by the deadline, so now’s the time to talk to your professional adviser. They’ll be able to help you select the most appropriate software, such as QuickBooks or Xero unless bridging software can do the job for you.
If you’re currently using Excel spreadsheets or keeping paper-based book-keeping records though, there’s no doubt the new system may come as a big change and you have some decisions to make. So the sooner you can make the transition, the better.
If you would like to discuss anything related to this article please do not hesitate to call Barnett & Turner on 01623 659659 or email Jonathan at email@example.com