From April 2019, HMRC’s online interface, where 87% of VAT submissions are currently manually entered, will no longer be available to those over the VAT threshold.
Currently, only 13% of accountants use other tools such as bookkeeping software to submit the relevant VAT data to HMRC. To comply with the MTD process and avoid facing the non-compliance penalties, businesses with a turnover above the VAT threshold of £85,000 will need to embrace digitalisation. HMRC’s final VAT notice is a valuable resource to refer to. Click here to view the notice.
Future-proof your software
Wolters Kluwer has developed an end-to-end solution that enables you to maintain many of your current processes.
Accountants can analyse data from various systems including online bookkeeping software all in one central place. If your current VAT preparation is completed within a spreadsheet, this process can continue with CCH OneClick.
Once you are content that all the data is correct and ready to be submitted then you will be able to upload your spreadsheet through our MTD toolset using CCH OneClick. The software will find all the data necessary for the nine-box VAT requirement and submit it directly to HMRC’s website.
CCH OneClick provides you with an end-to-end Making Tax Digital (MTD) solution.
Get prepared with our checklist
The time to engage and plan for the changes to VAT in MTD is now. Adopt this step-by-step process to help you make the transition stress-free.