Small businesses across the UK are about to be introduced to making tax digital. This is been a scheme which has been in pilot for a little while now, and is being made compulsory for all VAT returns for businesses above the VAT threshold, starting 1st April 2019. If you are registered for VAT, this will be relevant to you.
A recent survey said that accountants expected around 400,000 businesses to be registered, but in reality only 30,000 of them have taken the necessary steps to make sure they are ready to file the VAT returns using accounting software.
HMRC have said that they estimate it will cost each business £31 per year to implement making tax digital software, but this is turning out to be severely underestimated with the implementation and training on new software heading into the thousands. Many small businesses simply cannot afford to migrate onto new accounting software, and are only doing so to produce the same information that they can already product
OS Accounting has introduced a filing service where we can file your VAT return from your existing accounting package, as long as you’re able to export the relevant data and VAT summary to an excel spreadsheet. Our price point starts from £90 per quarter depending on the size and requirements of your business.
If you aren’t quite ready for making tax digital, or you need help with finding your VAT returns then please fill out the form below: