Many businesses unintentionally over or underpay Value Added Tax (VAT) as a result of its complexity.
The widening parameters of this burdensome tax and frequent changes made by HM Revenue and Customs (HMRC) often require the assistance of a professional to ensure that businesses comply with the relevant regulations.
One of the biggest changes to the tax and VAT process is about to take place with the introduction of HMRC’s Making Tax Digital (MTD) Plan. From April 2019, VAT registered businesses with a turnover above the VAT threshold (currently £85,000) will have to start recording and storing their accounting data in a digital format using MTD compatible accounting software. Furthermore, these businesses will have to use the same software to file their VAT returns to HMRC and be able to receive data from the MTD platform.
Whilst the ‘digitisation of tax’ is the biggest change to the UK tax system in over 20 years, Walker Moyle can work with you to ensure a smooth transition and to help you experience the benefits of going digital. These benefits include: having up to date accounting information; being able to make better, quicker business decisions from this information; and being more proactive when it comes to identifying tax planning opportunities.
To find out more about Making Tax Digital, click here to view our MTD factsheet.
With all these changes ahead, you can be reassured that you will experience an efficient VAT service from Walker Moyle. We can provide:
- Assistance with VAT registration
- Advice on VAT planning and administration
- Training and support with the introduction of MTD
- Advice on which software package will be best for you to use under MTD – please see our accounts software page
- Use of the most appropriate scheme
- VAT control and reconciliation
- Help with completing VAT returns
- Planning to minimise future problems with HM Revenue and Customs.
Negotiating with HM Revenue and Customs in disputes and representing you at VAT tribunals.
Call us today for more information on VAT and your business.