We posted recently about the software that is now ready and approved for use after the implementation of HMRC’s Making Tax Digital. The good news is that we’re now officially ready too, having completed Xero’s Making Tax Digital Learning Journey, and received their endorsement.
What does this really mean?
We’ve been tested on the following:
- Our knowledge of the Making Tax Digital legislation
- The implications to clients
- How to help clients move from manual records to using Xero.
To be honest, it wasn’t a difficult process, as we already hold Xero’s Migration certification. We also fully understand and endorse the benefits of moving to software in terms of time and efficiency savings, and from a quality of information viewpoint. It’s a definite win:win!
Making Tax Digital will become reality in just a few months now, so we’re working with exiting clients who will be affected. From April 2019, that’s any business who currently don’t use approved software to submit their VAT returns.
Regardless of what method you’ve used in the past though, the process of VAT submission will change, so please make sure that you take the time to check that your software is MTD ready.
Making Tax Digital will eventually roll out to other taxes too, although HMRC have promised this won’t be until after April 2020, so it’s definitely a serious consideration. If you’d like to chat through the implications for your business, please do get in touch; we’re here to help!