Is your business VAT registered? Is it below the 85,000 VAT threshold?
If you’re one of the many voluntarily registered VAT businesses in the UK, then you must prepare for the next big change in VAT.
From 1 April 2022, all VAT registered businesses must comply with the Making Tax Digital requirements – including those with turnovers below £85,000.
This means you need to record and report VAT information quarterly using HM Revenue & Customs approved software that can:
- Keep and maintain the records specified in the regulations
- Prepare VAT Returns using the information maintained in those digital records
- Communicate with HMRC digitally through its Application Programming Interface (API) platform.
We have already assisted hundreds of larger VAT registered businesses with these requirements by helping them migrate to the latest cloud accounting software – saving them time, money and giving them the latest financial insights.
If you need assistance preparing for this significant change to VAT, please arrange a consultation with our team today.
