From April 2019 most VAT registered companies will need to submit their VAT returns digitally using software. Of course most companies who have accountants will have this done for them. However, if you do your own VAT returns then there will no longer be any paper records sent off. SAGE and Xero have just launched their campaigns to ensure that their users make the most of their systems.
The whole idea is to really make everthing easier and quicker for all concerned.
Thanks to SAGE who have supplied us with this infographic that sets out how it will work.
Making Tax Digital
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Please note that the guide includes updates due to Covid-19 For instance there have been some changes to insolvency legislation that limits creditors actions and relaxes rules regarding wrongful trading. A new 20 day moratorium for distressed businesses has also been introduced.