Making Tax Digital (MTD) was introduced in April 2019 by HMRC to ensure that businesses report the correct financial data, by analysing individual transactions rather than summaries, using compatible software.
This means greater scrutiny of reporting, however, it introduces so many more benefits for accountants and business owners alike. Although MTD for VAT seems like a revolution for businesses and individuals alike, the MTD scheme does make it easier to manage, report and pay your taxes to HMRC.
We are flexible and work with you to fit around your business needs. We can provide the full package, or if you would like to get more involved, we provide up to an hour’s free training on the software platforms we employ, giving you more of an idea of how everything fits together.
It all depends on you and how involved you would like to get!
Who has to Register for VAT?
VAT is a mandatory tax you must pay when purchasing goods or services. Businesses with a turnover exceeding £85,000 need to undergo VAT registration.
Exceeding this turnover amount requires businesses to charge and collect VAT on the goods and services they buy and sell, and pay this amount to HMRC during the filling of their quarterly returns.
Failing to register could result in financial penalties for late registration, with late payment incurring additional interest if the business has VAT liability. However, if the business exceeds the turnover threshold then you can ask for a temporary exception from HMRC.
What is my VAT Payment Date?
Businesses must submit a VAT return within one month and 7 days after the accounting period ends, which gives you additional time to ensure your payment reaches HMRC.
To find out your specific VAT return & payments, you can access this information via your Government Gateway to access your VAT online account.
VAT Accounting Software
We use cloud technologies which integrate with our chosen cloud-software package to not just comply with the law, but also help you identify inefficiencies in your business.
We use APPs to resolve these and help give you the much-needed extra hours in your day to focus on more important issues.
Lets face it, there are more pressing things than VAT for you to focus on as you add value to and grow your business.
The Majors App isn’t going to replace your VAT accountant but you will see a noticeable difference in saving time, allowing you to be stress free and make VAT less of a burden for you.
We can provide the full package, or if you would like to get more involved, we provide up to an hour’s free training on the software platforms we employ, giving you more of an idea of how everything fits together.
It all depends on you and how involved you would like to get.
What does a VAT Accountant do?
VAT Accountants ensure your business is up to date with VAT payments to HMRC, meeting all the requirements within their VAT registration.
They will require access to your business records to ensure everything is correct and collected in time for your VAT payment date.
Throughout the year, your VAT accountant will provide you with expert advice, answering questions you may have as VAT is a very complex topic!
Why Hire a VAT Accountant?
VAT Accounts are flexible and work with you to fit your business needs, allowing you to focus on other important aspects of your business, leaving VAT to the professionals.
We have a team of trained professional accountants in handling VAT, eliminating errors that could lead to fines from HMRC.
To avoid any errors, VAT accountants will ensure your details are accurate for your VAT payment dates.
At Majors, we’re here to help you every step of the way.
Discover how we make a Major difference to your accounts
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Major’s Accounts & Co Ltd
118 Sydenham Road
London SE26 5JX
Tel: 020 8659 1350
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Tel: 020 8659 1350
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