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BUSINESS


UK HMRC new Making Tax Digital system set to launch


Be aware, be very aware if your annual turnover exceeds £85k per annum and your business is UK VAT registered


Whilst it is evidently not relevant for surveyors operating outside the UK, those who practice and operate in the UK need to be aware of the looming changes under the government’s new Making Tax Digital system. Even if you outsource your VAT to a specialist or accounting firm, make sure they are compliant with these new regulations for peace of mind.


Online VAT reporting will be introduced within the government’s new Making Tax Digital system from 1 April 2019. This affects all businesses with a turnover above the £85,000 VAT registration threshold.


HMRC has published a large amount of guidance on exactly what small business owners should expect as a result of these changes


62 | The Report • March 2019 • Issue 87


and what they need to do to adapt their existing accounting processes. All businesses must keep and preserve their accounting records either for VAT purposes or for other tax purposes. But with the introduction of Making Tax Digital, VAT registered businesses trading above the VAT registration threshold will need to retain certain records within functional compatible software. If you deregister from VAT you will no longer need to keep digital records in functional compatible software, but you must retain your VAT records for the required period of four years.


The new requirements are far reaching and cannot be listed, but here are some of the most important elements to give you a taster of what’s to come:


Depth of digital information that is required to be held


All businesses must have a digital record of their:


• business name; • the address of your principal place of business;


• VAT registration number; and • any VAT accounting schemes in use. In addition, for each sale a business makes, the following information must be recorded:


• time of sale (tax point) – typically when a VAT invoice is sent or for cash accounting, when payment is received;


• value of the sale (net value excluding VAT);


• rate of VAT charged.


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