For VAT periods starting on or after 1 April 2020 (or 1 October 2020 for deferred businesses) your accounting systems must use digital links for any transfer or exchange of data between software programs, products or applications used as functional compatible software. That is the end of the current 12 month “soft landing” extension.
Businesses with complex or legacy IT systems may require a longer period to put digital links in place. These businesses can apply to HM Revenue & Customs (HMRC) for additional time to put the required digital links in place. If your business qualifies then the additional time will be granted as a specific direction from HMRC.
If, for example, your company purchases another business it may take additional time to digitally link different software applications or packages to meet the MTD legal obligations. HMRC will consider an application to extend the digital link deadline longer than the “soft landing” period. That would mean the businesses would continue to be able to “cut and paste” during the extension period.
How can we help?
Growing businesses often don’t have the time or resource to set up a full accounting function within the business. That’s why, at Beavis Morgan, we offer the capability to outsource your finance department to us. We will take care of your day-to-day accounting needs and provide you with a single point of contact, so that you can focus on what you do best – growing and managing your business.
We will also help you navigate any potential pitfalls and ensure all your accounting, financial and bookkeeping needs are managed from one place, so you don’t have to worry about acting as the go-between for your accountant and bookkeeper.
- You will never need to worry about missing a VAT deadline, or the complexities of running payroll.
- You will have access to accurate, reliable and timely financial information when you need it, whether that be profit or cash focused, or both, to accurately and effectively manage the company’s finances and drive growth.
- Our business experts will work with you to identify your requirements and then design and implement a system that will provide all the information you need, within a cost effective and efficient framework.
In turn, if you have any concerns regarding your tax return or other related matters, our experts at Beavis Morgan are available to assist. We take the hassle of dealing with HMRC away from you, so you don’t need to deal directly with them.
Contact your usual Beavis Morgan Partner for further information and assistance.