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Making tax digital checklist make sure your business is ready

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Making Tax Digital (MTD) is one of the biggest shakeups even seen in the UK. HMRC is mandatory for all small to large size businesses to file VAT returns online. With HMRC it makes it easier for businesses to get a clear and accurate audit trail. If you have implemented Making Tax Digital Software for your business, then it’s important to understand how one can affect you when you need to prepare for it. – PowerPoint PPT presentation

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Title: Making tax digital checklist make sure your business is ready


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(No Transcript)
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Making Tax Digital Checklist Make Sure Your
Business is Ready
Making Tax Digital (MTD) is one of the biggest
shakeups even seen in the UK. HMRC is mandatory
for all small to large size businesses to file
VAT returns online. With HMRC it makes it easier
for businesses to get a clear and accurate audit
trail. If you have implemented Making Tax
Digital Software for your business, then its
important to understand how one can affect you
when you need to prepare for it.
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What do you need to get the business ready?
If youre already using accounting software, then
you need to check that your software provider
will require upgrading with making Tax Digital
Software compatible. HMRC will only accept VAT
returns provided by the software to support
Making Tax Digital for Business. As per research,
there are around 150 service providers such as
SAP, Microsoft and more, who work very closely
with HMRC to have MTD functionalities ready for
April 2019. There are lots of companies who fall
somewhere between two extremes will still keep
all the records on paper by using MTD fully
embraced accounting software that is used
already. If we check current scenarios, then 99
of VAT returns will file online on HMRC.
Moreover, there are 15 of those who file
directly through accounting tool where you dont
have to enter the VAT figures into the existing
HMRC portal manually. We have advice for all VAT
registered businesses is that one needs to start
preparing now and move it to the digital
cloud-based platform. Use any software
conversions and internal training to undertake
the before the deadline.
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Benefits of Making Tax Digital for Business
For many of them Making Tax, Digital software
looks like difficult process from which you need
to understand and look into quickly realise to
see the tax balance before year-end to help you
to prevent errors and stop tax repayment at a
larger stage. Use the key personnel to act upon
any potential problems immediately. If we look at
the central system that provides transparency of
data will include all liabilities and
entitlements. If your information is stored in
the cloud, then you neednt have to worry about
the damage and loss. Get the vast business
benefit to having a better grip on your finance.
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Get the vast business benefit to having a better
grip on your finance.
 Save your precious business time With using
Making Tax Digital for business, you can save
27days annually. Use the digital accounting
software in comparison to use other manual
methods.  Useful Saving With using digital
accounting software, one can estimate 17,000
money saving per annum.  Prevention of late
filling If you have set automatically then the
auto-submit will prevent payment from piling up
and reduce the chance of incurring or error
penalties.  Make use of information better Get
access to real-time updates using the
information that HMRC holds you to check that
they are correct at any time.
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If you want to make the possible checklist that
will help you to grow your business well with
generating a great outcome, and then use these
below points to understand better.
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Ensure youll have useful compatible software for
Making Tax Digital for VAT?
You need to use the software that works great on
the HMRCs Making Tax Digital for Business with
keeping the digital record related to your VAT
for communication. You need to file the VAT
returns which sometimes referred to as a
technical language to connect to HMRCs APIs. If
you have a desktop from which youre going to
file the return then obviously you need to update
the software for MTD (if you have already
upgraded, they avoid this). Later, you can speak
to your software vendor if youre software isnt
working while transferring the VAT accounting.
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Work out on when you need to switch to Making Tax
Digital for Business?
Its possible to switch to Making Tax Digital for
VAT now with using accounting software vendor by
merely signing up to beta Programme. HMRC comes
with maintaining the list of vendors which
doesnt mean all software packages from each
vendor are Making Tax Digital software
compatible. Your accountant should take care of
how youll switch to MTD for VAT, as probably
there is still a chance that the government might
adjust the Making Tax Digital for VAT
specification or any deadline. With the recent
month, news shows that the government has
published VAT notice that covers Making Tax
Digital for VAT where youll find no doubt that
itll be implemented by April 2019.
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What is the benefit of SAP Business One in the
context of MTD?
SAP Business One solution has an engaged HMRC
team of management that provides a solution to
address the requirements for Making Tax Digital.
MTD allows companies to manage the submission of
VAT returns via software in a digital form. SAP
Business One Software is underway to the future
roadmap to ensure compliance. With a new patch
level updates, SAP Business One brings the best
solutions to have MTD readiness. If you have any
questions related to MTD with SAP Business One in
general, and then contact our SAP Business One
team today.
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Reference
https//www.silvertouchtech.co.uk/blog/making-tax-
digital-checklist/ https//sap.silvertouchtech.co.
uk
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