AccountsPortal is recognised and approved by HMRC for providing Making Tax Digital software.
MTD is a key part of the government’s plans to make it easier for businesses to get their tax right first time and keep on top of their tax affairs. HMRC is striving to make the tax system more efficient and effective by keeping digital records and allowing updates to be provided from software directly. This new digital experience will help businesses minimise the number of avoidable errors they currently make and make the process easier, and less stressful, for all parties involved.
We develop our MTD integration and communicate with HMRC every step of the way to ensure that our customers can transition seamlessly.
A handful of selected businesses are invited to participate in a closed beta period where we will further refine the tax submission process.
Customers can enrol to our open beta and start submitting their VAT returns digitally. Feedback is gathered which we will use to improve our service.
Businesses that are VAT registered and above the VAT threshold (£85,000) must submit their returns digitally.
Sole traders and partnerships with income between £10,000-£85,000 must submit their returns digitally.
At present, 98 percent of VAT returns are submitted digitally - the vast majority using HMRC's online portal. This move will have a significant impact on you, whether you are an accountant or bookkeeper, or the owner of a small business. Being prepared for this change is essential.
As an accountant/bookkeeper, you will be able to interact with HMRC digitally and at a time that suits you. It will be very easy to get an increasingly personalised picture of your clients' tax affairs, with prompts, advice and support available through webchat and secure messaging. By using digital software like AccountsPortal, information can be sent and received directly, with nudges and prompts built-in which helps your clients get their tax right first time.
This new digital experience which integrates directly into AccountsPortal makes it easier than ever to paint a clear picture of your in-year tax position and to get your tax right first time. The improved process is more efficient and reliable which means you can spend less time worrying about tax, and more time worrying about your business.
Every business now has their own digital tax account, and the functionality is being regularly expanded and improved. These changes benefit everyone equally and the quality of life improvements that they bring will have an incredibly positive impact.
HMRC are helping accountants and small business owners save precious time by speeding up the VAT submission process and automating it as much as possible.
You should not have to give HMRC information that it already has or can obtain elsewhere. You will be able to use AccountsPortal to check the information that HMRC holds about your business at any time to ensure that it is complete and correct.
This streamlined digital experience will integrate tax into day-to-day business record-keeping, giving businesses confidence that they have got it right and provide them with a view of their tax position in-year.