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VAT

Making Tax Digital for VAT came into effect from 1st April 2019. During the 2019 Spring Budget, HMRC announced that MTD for other taxes will not be brought in until at least 2021. At the time of writing, only 6% of businesses are MTD ready.

Meanwhile, our clients here at Taxkings are fully MTD compliant. While others are in a rush to catch up, we are already pre-empting the next steps to ensure that when the time comes, our clients can make the switch without friction.

Depending on your business activities, VAT can be straightforward, or it can be a minefield. We understand that not everyone has the time to learn about VAT in depth and we’re here to help with any queries. Maybe you’ve just started making supplies to the EU or overseas, maybe you’re switching VAT schemes, or maybe you’ve started selling a new range of goods, and need to know what VAT rate to use?

Don’t worry, we’re only an email away; you can leave it to us.

Never miss a penny:

When it comes to reclaiming VAT on purchases, people often lose receipts. That’s why we utilise Receipt Bank software; our clients need only take a picture of their receipt, and the software “reads” and processes the VAT information.

Once this process is complete, all it takes is a quick review. Once you’re happy you can publish the expenses straight to Quickbooks, our accounting software. This ensures our clients don’t miss out on any reclaimable VAT, while significantly reducing time spent on data entry.

Looking ahead:

While it’s not mandatory at present, HMRC have indicated that they will eventually require digital copies of receipts to be submitted via compliant software. To prepare our clients, we offer Receipt Bank with all of our subscription packages, not just VAT.

We can take the pain away from VAT. Why not book a free consultation?

 

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