MTD – Making Tax Digital
Beta Testers Wanted – There has been a lot in the press recently about MTD – Making Tax Digital, but a lot of people are not aware of the ramifications for their business. This process has been evolving over the last few years and is part of the Government’s strategy to make tax collection more efficient and to collect more tax that is never paid.
The first major change is that for ANY VAT Return after the 1st April 2019 it will need to be submitted electronically. That does not mean inputting into the current HMRC portal, but it does mean uploading digitally into a new portal using an API. There are very strict rules for this and they prohibit the option to change the data manually i.e. all data collation and reporting MUST be done digitally.
IMS are developing an option to work with System 21 to allow businesses to submit their VAT returns digitally through an approved API. We are looking for customers that are interested in this functionality and perhaps would be willing to assist with testing and approval, when the Beta testing is completed later this year.
If you are interested, please let Simon Sherwood of IMS know at email@example.com so that he can send you further details.