Making Tax Digital
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Making Tax Digital - Changes for VAT Registered Businesses

The Bad News

The UK government's latest change to tax legislation called "Making Tax Digital" (MTD) will require all VAT registered businesses to start using a recognised and up-to-date accounting package from 1st April 2019. Submission of VAT Returns to HMRC will then happen directly from your accounts software.

The Good News

Although MTD applies from 1st April 2019, there is a relaxed ''Soft Landing' 12-month period during which businesses will not be penalised it they’re not fully onboard. HMRC acknowledge that it will take time for everyone to go fully digital. Between 1st April 2019 and 31st March 2020 you will be able to use 'Bridging' software to copy and paste your VAT box figures from your current spreadsheet (or whatever system you're using to calculate your VAT liabilities) to this bridging software, which will then upload it to the HMRC VAT portal.

All VAT registered businesses with a taxable turnover of or above the UK VAT registration threshold (currently £85,00) must register for MTD by April 1st 2019 (or before your next VAT Return after that date). If you need more information, please call HMRC on 0300 200 3700.

What is Antiquity doing to help you?

  • We have released a "Bridging Software" application for use between 1st April 2019 and 31st March 2020. This application is free to Antiquity Database customers and available for £85 + VAT to everyone else. Click to Buy on our other website.
  • We will integrate the bridging software with our May 2019 Antiquity Database update. Customers managing all the relevant financials in Antiquity will therefore be able to submit their VAT Returns to HMRC from Antiquity.
  • In a subsequent 2019 Antiquity Database update, Antiquity will integrate with Xero Accounts software, thus eliminating data duplication for customers who use both applications.
  • We will also consider other options for the future such as integration with Quickbooks or Sage, subject to demand.