Making Tax Digital (MTD) for VAT
What is Making Tax Digital (MTD) for VAT?
From 1st April 2019, VAT registered businesses with a taxable turnover above £85,000 will be required to keep digital VAT business records, and must submit their VAT returns using Making Tax Digital (MTD) compliant software.
From 1st April 2020 HMRC mandates that the flow of data must be done digitally. If more than one application is used to maintain and submit VAT returns, for example a spreadsheet is used to maintain accounting records and then another MTD submission tool to submit to HMRC, then from 1st April 2020, your business will not be compliant.
To read detail HMRC requirements, please visit www.gov.uk
Finaxial keeps digital records for your business
Finaxial is a new generation of digital business and accounting software designed to simplify keeping digital records and managing your business.
Finaxial calculates your VAT for you automatically based on the date entered, populates the 9 box VAT return on screen for you to review, and then submit directly to HMRC with a click. Finaxial shows you the actual submission logged with HMRC next to record held within Finaxial, so that you have confidence and proof that your submission is accurately submitted to HMRC. From Finaxial you can see your VAT payments outstanding and your payments made to HMRC.
No Copy-Paste of data for VAT submission, fully traceable from transaction to submission, 100% digitally linked business, accounting and VAT submission. That's the Finaxial way.
Make the VAT MTD change once, be 2020 compliant now, choose Finaxial.