For any business with annual taxable turnover above the current £85,000 level, this new regime means that regardless of its legal structure, businesses must make VAT submissions via a specialised electronic interface. This electronic interface sits between the business software systems used and HMRC systems.
HMRC insist that all transfers of data in respect of VAT must be entirely digital, in prescribed formats and sent using an approved system.
All SME business owners must make themselves aware of these requirements and ensure full compliance with them.
We are pleased to reproduce some briefing notes in relation to the above, as supplied by kind permission of Crombies Chartered Accountants and to provide a link to the article on their website.
Please find link to 'Making Tax Digital' by Crombies.
Errors and omissions excepted. Please refer to Crombies for all enquiries for this article.
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