By now, you should all be aware that from April 2019, all the VAT-registered businesses in the UK will need to maintain digital records and electronically submit VAT returns to the HMRC.
We have recently released a VAT Health Check in Ibcos Gold v7.14 to help you get your source data in order.
But what is happening next?
The development of the new VAT return with electronic submission is nearing completion and we are now included on the HMRC official list showing software suppliers supporting Making Tax Digital for VAT. Then the next few months are all about joint testing with HMRC before being available for general release. It will be in the latest v7 (v7.16) and also in v6.5, both of which will be available at the beginning of 2019.
A. V7 customers
- You will just need to install the update to get all the functionality
B. Other customers
- If you are already on v6.4, you’ll be able to move to v6.5 yourself
- If you are on v6.3 or below, you will need a data conversion and an upgrade to v7; it is not possible to move to v6.5
If you are unsure what version of Gold you are on, you can find this information at the top of your Gold login screen.
Look out for further Making Tax Digital communications in the coming months. In the meantime, if you want more information on how Making Tax Digital will affect your business and what actions you should take, be sure to check out these HMRC and government webpages.