What is Making Tax Digital?
VAT in the UK will be changing. From 1st of April 2019, HMRC’s Making Tax Digital for VAT comes into effect. This means that many UK companies must change how they prepare and file their VAT Returns.
- HMRC’s online VAT portal will be closed to most organisations after the 31st of March 2019.
- VAT Returns must be submitted to HMRC through recognised Making Tax Digital software
Will I be able to submit Making Tax Digital VAT returns with Exact Online?
Yes you will. All of our UK clients will be able to submit Making Tax Digital VAT Returns by April 1st 2019, at the latest.
Is Exact Online HMRC approved?
HMRC are in the process of validating Exact Online.
What will be the difference between how I'm filing VAT returns in Exact Online now and the Making Tax Digital method?
Exact Online already complies with many of the Making Tax Digital requirements. There are unlikely to be any major changes in the current way of completing your VAT Returns.
Is there anything I can do right now to make sure we're ready for Making Tax Digital?
If you currently file your VAT Return manually via the HMRC Gateway, you could consider changing this so you become familiar with the process now. All you need to do is enable 'File VAT Returns Online' and submit your VAT Return directly from within Exact Online.