So today marks the day that HMRC decommissions their Electronic Data Interchange (EDI) and the existing services will be migrated to a new platform. From today all electronic returns must be made via this new end point.
What does this mean for you?
To accommodate the changes, you will need to ensure that you have compatible software that will enable you to make the necessary VAT submissions to HMRC. There is an alternative for the next 12 months, which is to upload returns on HMRC’s website however, this loses any audit trail and can make it difficult to rectify any problems or late claims.
Your current accounting software provider should have been in touch to suggest how they deal with this issue, mainly those that are desktop based. This has probably come with a hike in prices too.
Coming in April 2019 is the first wave of Making Tax Digital (MTD) which will affect VAT registered business with revenue over the VAT threshold (currently £85k), smaller businesses can register voluntarily if they wish and honestly, why wouldn’t you? Being able to calculate and submit these returns in one smooth swoop must be appealing, right?
Some of you still might not realise there are many other advantages of reviewing your current system to see how changes in technology can actually help save you time, stress and most importantly tax!
To ensure you are making the most of resources out there we are offering a free system review up until 31 May 2018 to ensure you are all fully equipped for the digital revolution.
To reserve a review please contact Nick Wilson or Martin Wardle on: 0191 2818191 or email: firstname.lastname@example.org