Are you prepared for MTD for VAT?
22 Dec 2021
Is your business VAT registered? Is it below the £85,000 VAT threshold?
As announced in the Budget, from 1 April 2022, all VAT registered businesses with turnovers below £85,000 must comply with the Making Tax Digital requirements.
This means you need to:
- Keep and maintain the records specified in the regulations
- Prepare VAT Returns using the information maintained in those digital records
- Communicate with HMRC digitally through its Application Programming Interface (API) platform
What systems can you use for MTD?
There are a number of digital systems that can be used for Making Tax Digital. The main systems we work with include the following:
Training
At Nunn Hayward we offer certified advisor training that is fully tailored to your business needs. As a starting point our trainers will take some time to get to know your business, its systems and processes. That way we can make sure the program is set up in the most suitable way for you/your firm. After discussing your requirements, our professional trainers will then focus on the areas that are most important to you. By the end of the session, we'll make sure you're happy with the system and answer any questions that you may have. Our toolkits and training are tailored to your needs and can cover all aspects of running your business using a cloud-based accounting package, from invoicing to bank, receivables, remittance advice and uploading payment runs.
How can we help?
We have already helped many of our clients' transition to a digital cloud accounting system; one that is fully compliant with these new rules.
Whether it is managing your migration to the latest cloud accounting software, or providing training on how to use those systems – we can help.
At Nunn Hayward, we pride ourselves on being able to deliver a service that is ongoing. Our team of experts can implement the best cloud accounting platforms, with your specific business needs in mind. After this, we undergo a reviewing process wherein we ensure that those new systems are as automated and integrated as possible.
Contact us now
Our specialist team can ensure you are saving time, money and giving you peace of mind that you are prepared for the changes being enacted.
If you need assistance preparing for this significant change to VAT, please do not hesitate to call us on 01753 888211 or email info@nhllp.com