Making Tax Digital
Are you Ready?
MTD is one thing, being ready for MTD is another! At IMS we have been doing a lot of VAT Audits recently as our clients ready themselves for MTD. There is still time, the deadline is 1st April 2019. An audit now will be a major step towards being ready and will ensure you do not have to do any manual adjustments before submitting your return.
We would be happy to work with you to review your use of your system to ensure it’s compliance with MTD. Some of areas we would audit/report on are:
- Ensuring suppliers and customers set up correctly
- Making sure you are dealing with settlement discounts correctly
- The processing of acquisition VAT for EU purchases
- The figures produced agree with your Intrastat and EEC Sales listing reports
- Reviewing your System 21 VAT module properly to collate your VAT Return
So book an IMS financial consultant for a day to review your VAT system. It might help you prevent problems and may even save you money.