Great news! HMRC has officially listed QuickBooks as a supplier of software that supports Making Tax Digital for VAT. Being included on the list means:
This news follows several successful Making Tax Digital for VAT submissions since May 2018, which took place as part of HMRC’s closed pilot programme.
Making Tax Digital is coming
Due to come into effect in April 2019, Making Tax Digital requires all businesses who are VAT registered and above the VAT threshold to keep their VAT records digitally. They’ll also have to submit their VAT return to HMRC using MTD-compliant software. Details of HMRC’s requirements, including who needs to comply and how to do so, can be found in HMRCs recent VAT notice.
If you’re an accountant and you – or your clients – are not already keeping digital records, this could mean big changes to the way you work. We recommend you start planning for it now. You’ll find practical tips and advice on our MTD Resource Centre.
QuickBooks is MTD ready
QuickBooks already makes it possible for you to get prepared for Making Tax Digital. The software keeps accurate digital VAT records. And you can also file your VAT return directly to HMRC. If you’ve adopted the flat rate VAT scheme then you’ll have to wait until later in the 2018/19 tax year to file your returns from QuickBooks, but you can already calculate and track your VAT.
“We’ll be releasing lots more updates to make it even easier for everyone to calculate and file their VAT.”
Until the end of the 2018/19 tax year we’ll be releasing lots more updates to make it even easier for everyone to calculate and file their VAT. For example, we now give customers the option to import invoices and bills from a CSV file into QuickBooks, helping new users get up to speed much faster.
Like to keep up to date with the latest news about MTD and how QuickBooks are backing UK businesses through this change? Then subscribe to our MTD newsletter. Or why not sign up to QuickBooks today and start preparing for Making Tax Digital now?