1st April 2020 signals the first anniversary of MTD for VAT. At Drummond Laurie we successfully guided our clients through the process and offered them the support they needed during HMRC’s new digital initiative for VAT.
SO WHAT’S NEXT?
Changes as of 1st April 2020:
During the first 12 months there has been a ‘soft landing period’ to allow businesses the time to get their systems 100% digitally linked. During this period any data being transmitted from one system to another did not need to be moved via a digital link and instead a cut and paste option was acceptable. This relaxation will come to an end for most businesses on 1st April 2020 and anyone caught not complying could be at risk of penalties.
If you are concerned about your accounting systems and the transfer of data to prepare your VAT return each quarter please speak to your usual Drummond Laurie contact or Julie McVicar on 01324 441256 or email julie.mcvicar@drummondlaurie.co.uk