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Making Tax Digital for Business - SAP Silver Touch

MTD is the UK government’s pioneering initiative to take all tax submission online and to therefore enforce digital record keeping via computer software. VAT registered businesses are the first to take part as of April 2019, with other forms of business tax following in 2010 and beyond.<br><br>

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Making Tax Digital for Business - SAP Silver Touch

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  1. What is MTD (Making Tax Digital)? MTD is the UK government’s pioneering initiative to take all tax submission online and to therefore enforce digital record keeping via computer software. VAT registered businesses are the first to take part as of April 2019, with other forms of business tax following in 2010 and beyond. Things to know before making tax digital for your own business Businesses need to understand what is happening in the market and what do you need to know before MTD No More annual tax returns: VAT returns must be submitted to HMRC via using API platform and not by manually entering VAT figures on HMRC portal. So make sure you generate a report of your business to get more efficient results.

  2. Common MTD Questions: 1: What data I have to submit when filing VAT returns? The Good news is, HMRC will not require more data which is disclosed in your current VAT Returns. No need to supply underlying data linked with a return or HMRC backward access data. You need the total disclosed on face VAT return MTD spreadsheets.

  3. Common MTD Questions: • 2: How will your software need to works to be MTD Complaint? • It should keep records in Digital Form • Preserve Digital Record with ease • It should create a VAT return using underlying digital records • Provide HMRC with VAT data on a voluntary basis • Receive information from HMRC via the API portal • 3: How will I know if my current software supplier is MTD Complaint? • Are they working with HRMC? • What MTD functionality they are planning to deliver?

  4. Common MTD Questions: • 5. What happens if your client has a limited broadband connection? • There will be no broadband coverage or poor connection • The legislation is silent over what constitutes old age • 4. To start the MTD Process, should you register your clients with HRMC? • Yes, you should register to subscribe to an agent for MTD Purpose • File quarterly updates on behalf of the clients.

  5. Common MTD Questions: 6. What information should be included in 5th return? As of now, the business turnover is below £85,000 p.a so at the end of the year return will need to be submitted on three line account basis.

  6. Reference https://sap.silvertouchtech.co.uk/blog/making-tax-digital-for-business.html https://sap.silvertouchtech.co.uk

  7. Contact Us SAP Business One Technical Resources & Support available for you. Call Us Now!

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