This month, if you happen to’re a VAT-registered enterprise with taxable turnover beneath £85,000, you’ll have acquired a letter from HMRC. The letter explains that from April 2022 you’ll need to adjust to Making Tax Digital (MTD), the brand new digital tax laws. In case you’re an eligible enterprise that hasn’t acquired this but, you doubtless will quickly.
Which means small companies which might be submitting VAT via the HMRC portal or the submit should begin sustaining data digitally and file VAT returns via appropriate software program in time for the deadline.
And whereas April 2022 might really feel like loads of discover, it’s by no means too early to get forward of the sport. In actual fact, it’s extraordinarily vital for companies to organize for digital data and MTD software program as quickly as attainable.
That’s why we’re internet hosting a webinar, showcasing how small companies and their accountants could make MTD VAT submissions simple, utilizing Xero. Going down on a number of dates over the upcoming months, with the subsequent scheduled for 29 November 2021, 13 December 2021 and 14 January 2022, you may signal as much as the free webinar right here. Extra dates will likely be introduced quickly.
What you may count on
Our knowledgeable host will kick issues off with a fast rationalization of the important significance of cloud accounting software program for blossoming companies.
With an indication of how information is captured and processed in Xero, from financial institution feeds to invoicing, buy payments and bills, you’ll get a fast overview of how one can obtain better management, connectivity, and collaboration forward of MTD for VAT, and past.
Our host will then take you thru a breakdown of MTD thus far, tackling what it’s, when it will likely be launched, and the way it will work. Then, there will likely be an indication of the end-to-end means of submitting a VAT return utilizing Xero, showcasing the benefit and effectivity of a once-painstaking course of via our compliant software program.
It’s also possible to submit your personal inquiries to be answered by our knowledgeable, who may help sort out any issues you’ll have because the letters land in your doorstep. For different fast tips about how small companies can put together for MTD for VAT, you may take a look at our current article, or go to our MTD web page for extra info.