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REPORTING VAT ONLINE
REPORTING VAT ONLINE – AREN’T WE DOING THAT ALREADY?
Last month we reported that the government had announced the delay of Making Tax Digital for Business (MTDfB) to 2020 at the earliest but that quarterly VAT reporting, using the new system will be mandatory from 2019.
Surely we are doing that already you might say. However, currently businesses are only required to complete 9 boxes when they submit their quarterly, monthly, or annual VAT return online. Under the latest proposal for MTDfB the business will be required to submit the detailed transaction data supporting the output tax and input tax figures on a quarterly basis. This will therefore require those businesses affected to keep their accounting records digitally from the 2019 start date.
These changes won’t affect business that are not VAT registered such as buy to let landlords for whom MTDfB will not apply until 2020 at the earliest, and even then only if their gross rental income exceeds the VAT registration threshold.
LB Group Chartered Accountants are a top 75 Firm in the UK of Accountants providing Audit, Tax and Advisory Services across a variety of industries.
With offices in London, Chelmsford, Colchester and Ipswich our partner led approach with fixed fee options provides a professional and proactive service to both business and personal clients.
LB Group are pleased to offer our client’s a specialist VAT Advice service. We can offer sector-specific expert VAT advice to businesses of all sizes helping clients to solve VAT matters.
Our expert VAT team at LB Group can assist clients with strategic planning, providing general compliance assistance and advice along with dealing directly with HMRC on your behalf.
LB Group aim to deliver proficient, confidential, trustworthy and sound advice at competitive rates for our clients, if you would like to find out more please do not hesitate to contact a member of our team at firstname.lastname@example.org.
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