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With the recent launch of HMRC’s Making Tax Digital open beta, we’re sure you’ve got lots of burning questions. We’re here to help, starting with finding out if your current software will be MTD-ready. If it’s not, don’t worry - we have solutions for you.
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What is UK MTD (Making Tax Digital)?
Making Tax Digital for VAT requires VAT registered businesses with taxable turnover above the VAT registration threshold to keep records in digital form and file their VAT Returns using software. It is increasingly common for business records and accounts to be kept digitally, in a software program on a computer or tablet, or in a smartphone application, or maintained through such a device and stored using a cloud-based application. The difference under Making Tax Digital is that the software which businesses use must be capable of keeping and maintaining the records specified in the regulations, preparing their VAT Returns using the information maintained in those digital records and communicating with HMRC digitally via our Application Programming Interface (API) platform.
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Find out when the Making Tax Digital rules start
The Making Tax Digital rules apply from your first VAT period starting on or after 1 April 2019. A ‘VAT period’ is the inclusive dates covered by your VAT Return.
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Can I still use spreadsheets?
You do not need to keep any additional business records because of MTD. However, business records must be kept digitally to be compliant. If you use spreadsheets, the spreadsheets must be able to submit the required data to HMRC digitally. The spreadsheets must preserve any digital records so you will need to ensure that the data is not accidentally over-typed or deleted – Software will make this much easier.
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How do I know if my software is MTD compliant?
Our MTD-ready product is Sage 300 version 2019. If you’re not on our MTD-ready software, call our team at
2185 1717 to discuss your options.
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Making Tax Digital with Sage 300 version 2019
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For more details, please visit
www.sage.com/en-gb/making-tax-digital/ | |||||||||
Why Sage 300(Accpac)
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Tel: 852 2185 1717 | Fax: 3151 7828 dws.dataworld.com.hk | info.solutions@dataworld.com.hk 18/F., Manhattan Centre, 8 Kwai Cheong Road, Kwai Chung, Hong Kong |
Established in 1983 with headquarter in Hong Kong, Data World is a leading one-stop IT solutions provider specialized in end-to-end Business Management Solutions from Enterprise Resources Planning (ERP), Human Resource Management (HRM) and Customer Relationship Management (CRM) to IT Infrastructure and Network Security. We provide world-class business management solutions to enterprises from Multi-national Corporation to Small and Medium Business in the Greater China Region and other countries. With years of experience and expertise in business management solutions for many industries, our teams of consultants and IT experts provide a comprehensive range of first-class professional service and serve over 3,000 business customers in Hong Kong and China. Please visit our website at dws.dataworld.com.hk for more information. |
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