Making Tax Digital for VAT and Accountz
October 11 2018, 4 Comments
As we are sure you've all heard.... Making Tax Digital for VAT is on it's way in early 2019!
Making Tax Digital for VAT requires all VAT registered businesses with a turnover of £85,000 or above (VAT threshold) to keep their business VAT records digitally and submit their VAT returns using MTD compatible software. We believe that businesses will no longer be able to log into the HMRC website and manually submit their returns after the launch of MTD for VAT.
As of 1st April 2019 this is not optional to those affected, it's mandatory. However, payment dates and deadlines for your VAT are not going to change with the transition.
Our dedicated team of developers are quietly working away making sure that this new method of submitting your VAT returns will be released into our current supported versions in time for its release.
To make the changeover to MTD for VAT as seamless as possible for our users, we will be releasing an update to the Startup Kit+VAT and Business Suite which will enable the new API's for HMRC in plenty of time for the first submission next year. So, please make sure that you install any updates when prompted or go to Help > Check for update regularly.
If you are still using one of our older products, please feel free to take a look at our subscription range of Business Accountz which will take care of the VAT changes for you, giving you peace of mind that you will be fully compliant for as little as £10+VAT per month https://www.accountz.com/collections/compare
If you have any queries regarding how the changes will affect you, please do not hesitate to contact support@accountz.com
Comments
Rachel Harris on March 21 2019 at 02:38PM
Hi Spencer,
It’s due to be released for Startup Kit+VAT and Business Suite in the next week. As HMRC are still in Beta and they actually took the service down for 3 days last week, we’re holding off releasing. There have been many successful Beta submissions though in Business Accountz. It will be released in time for 1st April 2019. We will email all users too.
Many thanks,
Rachel
Accountz.com Ltd
Spencer Rodd on February 20 2019 at 11:51PM
When can we expect an update for MTD we are getting close to the date now and we need time to set up etc.
Rachel Harris on January 22 2019 at 03:33PM
Hi Patrick,
Home Accountz will not do MTD as it’s designed for personal finances. However, our current subscription Business Accountz range will allow MTD for VAT submissions from 1st April 2019.
The cost for Business Accountz with MTD compatibility starts at just £10+VAT per month. More details can be found here: https://www.accountz.com/collections/compare.
More details can be provided by contacting support@accountz.com
Patrick Ralison on January 22 2019 at 01:27PM
I have been using Accounts for a number of years and now realise that for my business it has been Home that was provided. Maybe recommend due to the simplicity of my business.
However with MTD – what can I expect to see. as clearly Home will not be compatible.
What is the expected cost for me to move to a business account?