VAT Registered Business from April 2019
The clock is ticking as VAT Registered Business i.e. Turnover in excess of £85,000 will need to submit their returns via MTD Compliant Software. The HMRC online portal currently used will no longer operate.
Therefore, if you currently process your Accounts on a spreadsheet or similar software then log onto HMRC to submit a VAT Return you will be affected.
AK Bookkeeping use SAGE and XERO Software for our clients and this is compliant with the MTD requirements from April 2019. Give us a call to arrange a meeting to discuss how we can help at a price significantly less than most Accountants.
Companies, Sole Traders, Partnerships currently not registered for VAT
Business under £85,000 turnover or Sole traders such as Plumbers, Builders, Retailers who currently submit their accounts at the end of the year have until April 2020 to get ready. Again compliant MTD Software is required but submissions will be quarterly.
If you currently drop a bag of receipts to your Accountant at the end of each year then you will be breaking the law and liable to penalties if you fail to change to quarterly accounts.
A big issue is the cost that an Accountant may charge for doing your accounts 4 times a year instead of 1. You should therefore find out what it is likely to cost. Call us for a competitive quotation.