Advanced are running a webinar for Exchequer customers to offer more guidance and clarification around Making Tax Digital and the new Business Tax Portal.
As part of Making Tax Digital (MTD), if your business has registered for VAT taxable turnover above the VAT registration threshold of £85,000, you will need to keep VAT records digitally and file your VAT returns using MTD compatible software. The regulations apply from your first VAT period starting on or after 1 April 2019.
From this date you will no longer be able to submit to HMRC via their existing process, and failure to comply with new regulations will over time incur penalties accrued by a points system that will build up to tiered fines. The scale of the fines is yet to be defined. As a recognised software provider supporting MTD, Advanced are working with HMRC and they will provide further information as the deadline approaches.
To support Exchequer customers in complying with the new MTD regulations, Advanced have developed a new Business Tax Portal that has been designed in collaboration with both customers and HMRC. There are two available editions - Base and Full:
• The Base edition enables you to submit returns digitally, as required under the regulations, with limited or no disruption to existing processes.
• The Full edition provides all the functionality of the Base edition, plus a fully audited and guided method to VAT preparation, removing reliance on complicated spreadsheets and key personnel dependency.
The webinar will offer more guidance and clarification around Making Tax Digital and the new Business Tax Portal.
When: 13th December 2018 at 9:00amClick here
to register for the webinar.
For further information about the Business Tax Portal, download the factsheet here.
To understand more about the most suitable MTD solution for your business or to speak to one of the team at Minerva, please contact us on 01707 607100 or email us at email@example.com