{"id":26625,"date":"2019-07-02T16:44:44","date_gmt":"2019-07-02T15:44:44","guid":{"rendered":"https:\/\/www.okappy.com\/?p=26625"},"modified":"2020-05-05T09:42:33","modified_gmt":"2020-05-05T08:42:33","slug":"digital-vat-deadline","status":"publish","type":"post","link":"https:\/\/www.okappy.com\/digital-vat-deadline\/","title":{"rendered":"Digital VAT Deadline"},"content":{"rendered":"<div class=\"fusion-fullwidth fullwidth-box fusion-builder-row-1 nonhundred-percent-fullwidth non-hundred-percent-height-scrolling\" style=\"background-color: rgba(255,255,255,0);background-position: center center;background-repeat: no-repeat;padding-top:0px;padding-right:0px;padding-bottom:0px;padding-left:0px;margin-bottom: 0px;margin-top: 0px;border-width: 0px 0px 0px 0px;border-color:#eae9e9;border-style:solid;\" ><div class=\"fusion-builder-row fusion-row\"><div class=\"fusion-layout-column fusion_builder_column fusion-builder-column-0 fusion_builder_column_1_1 1_1 fusion-one-full fusion-column-first fusion-column-last\" style=\"margin-top:0px;margin-bottom:20px;\"><div class=\"fusion-column-wrapper fusion-flex-column-wrapper-legacy\" style=\"background-position:left top;background-repeat:no-repeat;-webkit-background-size:cover;-moz-background-size:cover;-o-background-size:cover;background-size:cover;padding: 0px 0px 0px 0px;\"><style type=\"text\/css\"><\/style><div class=\"fusion-title title fusion-title-1 fusion-sep-none fusion-title-text fusion-title-size-three\" style=\"margin-top:0px;margin-right:0px;margin-bottom:31px;margin-left:0px;\"><h3 class=\"title-heading-left fusion-responsive-typography-calculated\" style=\"margin:0;--fontSize:22;--minFontSize:22px;line-height:1.44;\">The deadline for filing your digital VAT return is upon us<\/h3><\/div><div class=\"fusion-text fusion-text-1\"><p>Most\u00a0VAT registered businesses with a taxable turnover above \u00a385,000 will need to keep digital records, sign up to compatible software and submit VAT returns using this software by<strong>\u00a07th July 2019<\/strong>. The last date for returns for the returns for periods starting\u00a0on or after 1 April 2019.<\/p>\n<p>If you do not pay by Direct Debit, you will need to sign up at least 72 hours before your return is due.<\/p>\n<p>If you pay by Direct Debit, sign up at least 7 working days before or 5 working days after your return is due. Make sure your last Direct Debit has come out of your bank account before signing up.<\/p>\n<\/div><style type=\"text\/css\"><\/style><div class=\"fusion-title title fusion-title-2 fusion-sep-none fusion-title-text fusion-title-size-three\" style=\"margin-top:0px;margin-right:0px;margin-bottom:31px;margin-left:0px;\"><h3 class=\"title-heading-left fusion-responsive-typography-calculated\" style=\"margin:0;--fontSize:22;--minFontSize:22px;line-height:1.44;\">The background to digital VAT<\/h3><\/div><div class=\"fusion-text fusion-text-2\"><p>The aim of digital taxation is to make it easier for individuals and businesses to get their tax right and keep on top of their affairs.<\/p>\n<p><abbr title=\"HM Revenue and Customs\">HMRC<\/abbr>\u2019s aim is to become one of the most digitally advanced tax administrations in the world and digital taxation is a fundamental part of that.<\/p>\n<p><span style=\"font-weight: 400;\">HMRC will have the power to ensure that businesses continue to submit digital records and they can also specify rules and regulations as to how the digital records should be kept. Additionally, it means that companies must provide their VAT return information to HMRC through Making Tax Digital (MTD) by using functional compatible software. It is worth noting that HMRC can also specify how these digital records are kept and can further detail conditions that must be complied with. For more information on the primary legislation visit <\/span><a href=\"https:\/\/www.gov.uk\/government\/consultations\/making-tax-digital-reforms-affecting-businesses\/making-tax-digital-for-vat-legislation-overview\"><span style=\"font-weight: 400;\">Gov.uk<\/span><\/a><span style=\"font-weight: 400;\"> for a full breakdown of MTD and functional compatible software. <\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\"><br \/>\n<\/span><span style=\"font-weight: 400;\">The secondary legislation includes changes to<\/span> <span style=\"font-weight: 400;\">third-party software &#8211; as software must now be compliant and compatible with the HMRC application programming interface (API). For example, this means businesses will now have to work with SaaS software approved by HMRC and keep records in a way that are also compliant with regulations.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The secondary legislation also allows for more frequent voluntary updates to VAT records, once again executed digitally.\u00a0<\/span><\/p>\n<p>Read more about the <a href=\"https:\/\/www.okappy.com\/changes-to-vat-and-accounting-systems\/\" target=\"_blank\" rel=\"noopener noreferrer\">changes to VAT and accounting systems<\/a>.<\/p>\n<\/div><style type=\"text\/css\"><\/style><div class=\"fusion-title title fusion-title-3 fusion-sep-none fusion-title-text fusion-title-size-three\" style=\"margin-top:0px;margin-right:0px;margin-bottom:31px;margin-left:0px;\"><h3 class=\"title-heading-left fusion-responsive-typography-calculated\" style=\"margin:0;--fontSize:22;--minFontSize:22px;line-height:1.44;\">The Benefits of Digital Accounting Systems For Your Business<\/h3><\/div><div class=\"fusion-text fusion-text-3\"><p><span style=\"font-weight: 400;\">Although this new regulation may seem overwhelming, it provides an opportunity to streamline business operations and improve efficiency.<\/span><\/p>\n<p>Technology such as <a href=\"https:\/\/www.okappy.com\/job-management-with-xero-and-okappy\/\" target=\"_blank\" rel=\"noopener noreferrer\">Xero<\/a> and other SaaS programs can help simplify your accounts \u00a0whilst ensuring you can file your tax digitally. \u00a0You can access your accounts anywhere and from different devices. \u00a0Accountants are also moving towards cloud-based software and moving away from locally stored documents.<\/p>\n<p>Working in real-time is a huge benefit of these digital systems. Another huge benefit of SaaS is the integrations that are available. <a href=\"https:\/\/www.okappy.com\/integrations\/\">Okappy<\/a> can be integrated into digital cloud-based book-keeping systems to further streamline your in-house admin services.<\/p>\n<p><span style=\"font-weight: 400;\">Digital taxation is a huge leap in terms of governmental regulation. Incorporating cloud-based software applications can also help your keep your business ahead of the game as industries continues to move towards full digitisation.<\/span><\/p>\n<\/div><div class=\"fusion-text fusion-text-4\"><p>Would you like to read more useful posts and receive our latest news?<br \/>\nPlease leave your details below.<\/p>\n<\/div><form id=\"WebToLeadForm\" method=\"POST\" name=\"ContactFormNewsletter\">\n<div class=\"row\">\n<div class=\"col\"><label>First Name: <\/label><input name=\"first_name\" id=\"first_name\" type=\"text\" \/><\/div>\n<div class=\"col\"><label><\/div>\n<div class=\"clear\">\u00a0<\/div>\n<\/div>\n<div class=\"row\">\n<div class=\"col\"><\/div>\n<div class=\"col\"><label>Last Name: <span class=\"required\">*<\/span><\/label><input name=\"last_name\" id=\"last_name\" type=\"text\" required=\"\" \/><\/div>\n<div class=\"clear\">\u00a0<\/div>\n<\/div>\n<div class=\"row\">\n<div class=\"col\"><label>Email: <\/label><input name=\"email1\" id=\"email1\" type=\"email\" \/><\/div>\n<div class=\"col\"><\/div>\n<div class=\"clear\">\u00a0<\/div>\n<\/div>\n<div class=\"g-recaptcha\" data-sitekey=\"6LfWKIoUAAAAAGkI_dXjamslnX83QiQoQHngINTx\"><\/div>\n<span id=\"captcha\" style=\"color:red\" \/><\/span>\n<div class=\"row center buttons\"><button class=\"ok-login-btn\" name=\"Submit\" type=\"submit\" value=\"Submit\" onclick=\"submit_form();\" \/>Submit<\/button>\n<div class=\"clear\">\u00a0<\/div>\n<\/div>\n<input name=\"campaign_id\" id=\"campaign_id\" type=\"hidden\" value=\"55bf0593-a445-42a1-0266-5aba1762536c\" \/>\n<input name=\"redirect_url\" id=\"redirect_url\" type=\"hidden\" value=\"https:\/\/www.okappy.com\/contact-thank-you\/\" \/>\n<input name=\"assigned_user_id\" id=\"assigned_user_id\" type=\"hidden\" value=\"2db0e733-15f0-59cc-b5d1-5a9d6545ed54\" \/>\n<input name=\"moduleDir\" id=\"moduleDir\" type=\"hidden\" value=\"Leads\" \/>\n<input name=\"lead_source\" id=\"lead_source\" type=\"hidden\" value=\"Web Site\" \/>\n<input name=\"refered_by\" id=\"refered_by\" type=\"hidden\" value=\"contact form\" \/>\n<\/form>\n<div class=\"fusion-clearfix\"><\/div><\/div><\/div><\/div><\/div>\n<p>[\/fusion_text][\/fusion_builder_column][\/fusion_builder_row][\/fusion_builder_container]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>[\/fusion_text][\/fusion_builder_column][\/fusion_builder_row][\/fusion_builder_container]<\/p>\n","protected":false},"author":1,"featured_media":26631,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":""},"categories":[3],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v17.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Changes to VAT and Accounting Systems<\/title>\n<meta name=\"description\" content=\"In April 2019, government legislation will change. 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