Watson Buckle encourages businesses to prepare for first digital VAT submission
Leading Bradford accountants, Watson Buckle, are warning businesses that they now only have days left to register and report their first digital VAT submission under the new Making Tax Digital regime.
Companies with a quarterly VAT period that began on 1 April 2019 must meet the first Making Tax Digital (MTD) filing deadline on Wednesday 7 August 2019.
Watson Buckle is warning that businesses who choose to pay VAT by direct debit now only have until Monday 29 July 2019 to register for Making Tax Digital with HM Revenue & Customs (HMRC).
This means that VAT-registered businesses with a turnover of £85,000 or more have just days remaining to put HMRC-compatible software in place and report their affairs.
Recent reports from HMRC suggest that as many as 10,000 businesses a day are still scrambling to register and prepare themselves for the upcoming filing deadline.
Rebecca Hurford, Corporate Tax Manager at Watson Buckle, said: “Many businesses will already have put the required processes and software in place to meet the latest filing deadline and will submit on time.
“However, we suspect that there are many more VAT-registered businesses out there who are not sufficiently prepared for the changes ahead and could do with a helping hand to avoid being penalised by HMRC.”
Rebecca added that promises of a ‘soft landing’ period for fines may have lulled some business owners into a false sense of security, but she said: “it is essential that businesses act now to comply with Making Tax Digital”. The soft landing period refers to having digital links within the business’s data, not to submitting the return through the MTD gateway.
Watson Buckle offers a dedicated online accounting solution that is HMRC-compatible, known as WB Connect. This offers a number of distinct advantages to businesses beyond the basics of compliance, including 24/7 access to accounts, greater collaboration with advisors and enhanced security.
To find out more about Watson Buckle and how it can assist with VAT filing for Making Tax Digital, please visit www.watsonbuckle.co.uk