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15 Nov 2023

The British Independent Retailers Association (BIRA), which works with over 6,000 independent businesses of all sizes across the UK, has outlined its expectations from the government...

16 Aug 2023

Independent quality drinks retailers were woefully underrepresented among those consulted by government over the duty changes now hitting businesses, it has been claimed, after industry magazine...

8 Jun 2023

Bira, the British Independent Retailers Association, has expressed its concern and frustration after it was revealed that Amazon UK Services had, for the second consecutive year, paid zero...

16 Mar 2023

Industry experts and trade associations in the retail sector have been expressing their disappointment at the support offered to retailers in the Chancellor’s Budget.

17 Nov 2022

Cycle retailers around the UK facing up to the imminent challenges of recession will need to stay one step ahead of the curve to survive. Now is the time to benefit from being part of something...

26 Sep 2022

Following the Chancellor’s mini-budget last week, the retail industry has been reacting to the support package for small businesses and independent shops….including some of the...

19 May 2022

Our research found agreement that a minimum OST threshold could help to rebalance the burden of tax across the industry, generate revenue to reduce business rates for smaller businesses,...

6 Apr 2022

Businesses are required to have signed up to Making Tax Digital ready for their first VAT return starting on or after 1 April 2022. However, they may not be required to make their first...

17 Jan 2022

Thereis now less than three months until all VAT-registered retailers are required to submit quarterly VAT updates and annual returns via the government's Making Tax Digital (MTD) system....

27 Oct 2021

The Budget and SR21 promised much for both the cycling industry and for retailers, but will it be enough to help recover the damage done from the pandemic and help sustain the cycling...

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Making Tax Digital

Posted on in Business News , Cycles News , Political News

MTD is changing the way that VAT returns are submitted for retailers from the 1st of April, 2019.

ACS 

The introduction of these reforms is to reduce the tax gap between tax collected and due by HMRC and, to help businesses stay on top of their taxes. The need for MTD is to alter how VAT returns are made and by using a compatible software VAT returns will now become digital.

If your business has a taxable turnover above the VAT threshold of £85,000 you must:

  • Keep your VAT records digitally
  • Use the MTD-compatible software to submit your VAT returns.

Retailers will need to start keeping business records digitally from the start of all accounting periods on or after the 1st of April 2019. No additional information will need to be kept as part of these records.

Digital records will include:

  • Each supply
  • The time of supply (tax point)
  • The value of the supply (net excluding VAT)
  • The rate of VAT chargedVAT Registration Number
  • Details of any VAT accounting schemes you use

Retailers can record daily totals if they are on a retail accounting scheme and currently do so.

The HMRC are supplying a list of MTD-compatible software providers, with software packages ranging from basic record keeping tools to fully integrated accounting systems via GOV.UK. Software products which can extract the required data from records kept in spreadsheets and submit them to the HMRC are also listed, available here.

Software is MTD-compatible if:

  • It supports the MTD obligations to keep digital records
  • Can exchange data digitally with HMRC

Read the full ACS Guide.

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