There has been much news regarding being prepared for Making Tax Digital for VAT (MTD-VAT).
VAT registered entities (charitable or not) with turnover above the VAT threshold (currently £85,000) will need to keep their records digitally and send their VAT return data to HRMC using MTD-compatible software for VAT periods commencing on or after 1 April 2019. VAT registered entities with more complex requirements (including unincorporated charities) have been deferred until 1 October 2019.
Dafferns have been working with charities to help them prepare by:
- Working with charities to ensure that their software is compliant with MTD and ensuring good practices are in place for data entry to reduce he quantity of VAT quarter end amendments
- For smaller charities, looking at how records can be kept digitally and assisting with setting up Sage and Xero accounting packages and training staff in the data inputting
If you or your Trustees would like to find out more about MTD-VAT please contact Karen Keeling who would be happy to discuss this with you.