Author: datafile

Making Tax Digital – Datafile Compliance

Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs, meaning the end of the annual tax return for millions.

Every individual and business now has access to their own personalised digital tax account and these are being regularly expanded and improved. HMRC’s ambition is to become one of the most digitally  advanced tax administrations in the world, modernising the tax system to make it more effective, more efficient and easier for customers to comply.

Businesses are now being mandated to use the Making Tax Digital for Business system from April 2019 to meet their VAT obligations. This will apply to businesses who have a turnover above the VAT threshold – the smallest businesses will not be required to use the system, although they can opt in. From April 2019 businesses above the VAT threshold will be mandated to keep their records digitally and provide quarterly updates to HMRC for their VAT via the HMRC’s API portal.

Datafile and VAT

The Datafile V20 software, including all updates released since November 2017, includes changes to support the submission of the VAT Form 100 through the Cashbook application to the current HMRC portal.

We are committed to helping our users to ensure that the transition to the new digital tax system is a smooth one.

To help stay informed, you should continue to subscribe to our newsletter and product update releases.

Please Note: MTD Compliance will only be available in the Datafile V20 versions.

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