The deadline for the introduction of VAT filing changes is now just weeks away. For VAT returns periods starting on or after 1 April 2019, some 1 million businesses with a turnover above the VAT threshold (currently £85,000) will be required to start keeping their records digitally (for VAT purposes only) and provide their VAT return information to HMRC by using compatible software.
HMRC has published a press release to help remind businesses to get ready for the change and suggested the following action points:
HMRC has advised that during the first year of the changes they will take a light touch approach to digital record keeping and filing penalties, especially if businesses are doing their best to comply with the law. However, this does not mean a blanket 'no penalties promise'.
If you are VAT registered, with turnover above £85,000, and you have not yet converted to the use of accounts software that will link with HMRC's systems, please call as we can help you deal with the updates and changes required.
Sign up to register for important news and information on accounting dates