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With only six months left until the big switch over, businesses across the country are now preparing for the government’s Making Tax Digital (MTD) legislation coming into effect in April next year. For those that are still unaware, from this date all businesses are legally obliged to submit their VAT returns digitally to HMRC, which is part of the government’s efforts to help companies stay on top of their everyday accounting. This legislation specifies that companies need to have “functional software” which complies with MTD to fully transition over to electronic tax.
This shift towards digital tax means businesses must now have HMRC compatible software to record and preserve prescribed VAT related data. Without HMRC compatible software, businesses who currently submit paper VAT returns will no longer be able to do so once the MTD law comes into effect in April. With this date drawing closer by the day, businesses need to start the process of ensuring they have the right accounts software in place if they haven’t already, or risk no longer having a lawful way of submitting their VAT returns.
With OrderWise Accounts, businesses are already on track to comply with Making Tax Digital as our software is HMRC approved for eVAT submissions, as well as fully accredited by the ICAEW. With simple data migration for a smooth implementation and the added benefit of one system to manage all commercial and financial operations, OrderWise Accounts gives businesses all the tools they need to accurately and effectively manage their everyday accounting.
Now as part of Making Tax Digital, HMRC have recently introduced a new API to help make it easier for software solutions to facilitate the digital submission of VAT returns. Although this system won’t be live until April next year, this month we have added integration with the HMRC API to OrderWise in preparation for the big switchover. With this official integration to the HMRC API, businesses using OrderWise Accounts can further ensure they are ready for Making Tax Digital in April 2019 with a seamless method of submitting their digital VAT returns.
If you would like to discuss OrderWise Accounts or find out more on how we can help you get Making Tax Digital ready, contact our team today on 01522 704083.
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