Archimedia Accounts are a professional team of online accountants who provide expert advice on Making Tax Digital from our offices based in Nottingham.
Archimedia – Making Tax Digital Accountants
In 2019 HMRC brought out new legislation which said that VAT registered businesses with taxable turnover more than the VAT threshold then needed to submit all VAT Returns via “Making Tax Digital” (MTD), which is an HMRC scheme. The idea behind the scheme was to make tax more efficient and simpler. At the moment (August 2022), Making Tax Digital is solely used for VAT, but HMRC will role it out for other taxes such as Personal Tax Returns and Corporation Tax Returns in the near future.
What is Making Tax Digital Accounting?
Making Tax Digital for VAT affects many different types of organisations, for example: Charities, Not for Profit Organisations, VAT Groups, Local Authorities, Traders Oversees, VAT Divisions, and really most organisations that produce a VAT Return. Another idea behind the MTD scheme was that this would reduce errors, and business could access their data more easily as it would all be electronic.
What are your MTD duties?
At the moment VAT is the only tax you need to submit through MTD (as of august 2022). To comply with HMRC for MTD for VAT you essentially need MTD compliant software to be able to submit VAT returns through MTD to HMRC. Then you need to submit these to HMRC. It is actually that simple. If you are not registered for MTD for VAT and you now need to be you will be able to register for MTD for VAT here.
You can find out more about your MTD for VAT Duties on HMRC’s website, but essentially you just need to register, and submit through MTD compliant software. At Archimedia our Bookkeeping for Limited Companies Service only uses the latest Accounting Software so your assured that you’re safe.
Xero Cloud Accounting for MTD
Archimedia Accounts can help all of its clients with VAT related aspects, including Making Tax Digital and VAT Returns. We are Xero cloud accounting experts, and this means that we can produce VAT Returns through the MTD scheme regardless of whatever accounting software you are using. Most Cloud Accounting software providers allow for MTD submissions to be made but even if you are not on an online Accounting software for example Sage Desktop, we have bridging software to be able to submit these for you to HMRC.
We are here to relieve any of the stress you might have regarding Making Tax Digital. To sort all this out for you so you have comfort in knowing that all this has been fulfilled. You must record your sales and purchases through MTD software, and because Archimedia Accounts have vast experience in different forms of accounting software and online accounting services. We are able to help you with this with minimal hassle.
All our clients can take advantage of our skills in accounting software, calling up with any queries and receive training from us. For example on all the different forms of MTD software.
If you would like to talk about MTD or anything to do with your MTD accounting for VAT, then please get in touch.
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