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MAKING TAX DIGITAL

Under the scheme, VAT-registered businesses are required to maintain digital records, complete the VAT return from the digital records and send it electronically to HMRC.

MTD for VAT is compulsory for all VAT-registered businesses with turnover above the current VAT-registration threshold of £85,000, which has been frozen until 1 April 2020.

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MTD COmpliance Packages

Starting From
£75 +VAT
/month
Making Tax Digital for VAT

What do i need to comply?

Digital Record Keeping

It’s compulsory for you to keep a digital record of your business’ name and an address, which is the principal place of business.

Your business’ VAT-registration number and a record of any accounting schemes used must also be recorded digitally.

For each supply your business receives, you need to record the time of supply, the value of supply (including any VAT that cannot be reclaimed), and the amount of input tax to be claimed.If there is more than one supply on an invoice, the totals from the invoice can be recorded.

For each supply made by your business, you must record the time it was supplied, how much it was worth at the time and the rate of VAT charged. Multiple supplies made at the same time don’t need to be recorded separately.

Compatible Software

There are a range of different ‘Functional compatible software’ available including Online Book-keeping Software, Excel Bridge Software, Online VAT Submission Software and Accountant specific Software.

They must be capable of recording and preserving records in an electronic form, providing information and returns from the records to HMRC in an electronic form using the API platform and receiving information from HMRC

It’s possible to mix and match software – the complete set of digital records needed for MTD for VAT don’t need to be held in one piece of software.

As long as there is a link between the different pieces of software, the records can be held in a range of acceptable digital formats.

Online VAT Submissions

The VAT return is calculated from the digital records maintained in the functional compatible software, and a business will need to confirm the return is correct before sending it to HMRC.

Once submitted, confirmation the return has been received by HMRC will be received via the software, while VAT returns can be submitted by us on behalf of your business.

MAKING TAX DIGITAL
Accounting Packages

MTD Accounting Packages

Company Package
FROM
£
198
P/M
Save over £200 when you combine MTD Accounts, any Tax Return and a Payroll service with us.
read more
Simple Tax Return
FROM
£
52
P/M
This package covers the most common tax and income situations, including everything you need to keep compliant with HMRC whilst ensuring your affairs are as tax efficient as possible.
read more
Standard Tax Return
FROM
£
60
P/M
This package covers all tax and income situations whilst including everything you need to keep compliant with HMRC whilst ensuring your affairs are as tax efficient as possible.
read more
MTD Accounts
FROM
£
124
P/M
This is our Company compliance and support service that includes everything you need to keep compliant whilst ensuring your business is as tax efficient as possible.
read more
Self Employed
FROM
£
75
P/M
This includes everything you need to keep compliant with HMRC whilst ensuring you and your business are as tax efficient as possible.
read more
Self Employed Start Up
FROM
£
67
P/M
Self Employed Start Up Compliance and Support Service with Free Set Up and Unlimited Business Advice to help you start your business off the right way.
read more
Landlords Tax Return
FROM
£
70
P/M
This package includes everything you need as a Landlord to keep compliant with the HMRC whilst ensuring you and your properties are as tax efficient as possible.
read more
CIS Subcontractor
FROM
£
75
P/M
This includes everything you need to stay compliant with CIS and HMRC whist ensuring you receive the maximum refund your are entitled to.
read more
Partnership
FROM
£
170
P/M
This package includes everything you need as Partners to keep compliant with the HMRC whilst ensuring you and your business are as tax efficient as possible.
read more
Company Start Up
FROM
£
170
P/M
Company Compliance and Support Service with Free Incorporation and Unlimited Business Advice to help you start your business off the right way.
read more
Investor Tax Return
FROM
£
75
P/M
Our Investor Tax Return is a higher level service aimed at those with more complex tax situations such as investment incomes. It includes everything you need to keep compliant with HMRC whilst ensuring your affairs are as tax efficient as possible.
read more
VAT Support
FROM
£
50
P/M
Book-keeping Software and Support service to help you manage your own Book-keeping and stay compliant with Quarterly VAT Submissions.
read more
Managed Book-keeping & VAT
FROM
£
102
P/M
Monthly Book-keeping and Quarterly VAT Preparation & Filing Service to free up your time and ensure you stay compliant.
read more
Payroll & AE
FROM
£
102
P/M
Monthly Payroll and Auto Enrolment Pension Management and Compliance Service.
read more
Management Accounts
FROM
£
240
P/M
Bespoke Management Accounts to help you understand and manage your business' financial position.
read more
Tax Advice Package
FROM
£
300
P/M
For any non clients looking for detailed Tax Advice that is above the ordinary, our fixed price package will give you the answer you need.
read more
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Read ALl

What do I need to comply?

Contact Us
Which businesses are affected?

MTD for VAT is compulsory for VAT-registered businesses with turnover above the current VAT-registration threshold of £85,000, which has been frozen until 1 April 2020.

From the start of their first VAT return period or after 1 April 2019, VAT-registered businesses with turnover above the VAT registration threshold will need to comply with the digital record-keeping and reporting requirements of MTD for VAT.

VAT-registered businesses whose turnover is below the VAT registration threshold will be able to choose whether to join MTD for VAT. Once within the scheme, a business must remain in it while they are VAT-registered, even if their turnover falls below the VAT-registration threshold.

Digital Record Keeping

It’s compulsory for you to keep a digital record of your business’ name and an address, which is the principal place of business.

Your business’ VAT-registration number and a record of any accounting schemes used must also be recorded digitally.

For each supply your business receives, you need to record the time of supply, the value of supply (including any VAT that cannot be reclaimed), and the amount of input tax to be claimed.If there is more than one supply on an invoice, the totals from the invoice can be recorded.

For each supply made by your business, you must record the time it was supplied, how much it was worth at the time and the rate of VAT charged. Multiple supplies made at the same time don’t need to be recorded separately.

Compatible Software

There are a range of different ‘Functional compatible software’ available including Online Book-keeping Software, Excel Bridge Software, Online VAT Submission Software and Accountant specific Software.

They must be capable of recording and preserving records in an electronic form, providing information and returns from the records to HMRC in an electronic form using the API platform and receiving information from HMRC

It’s possible to mix and match software – the complete set of digital records needed for MTD for VAT don’t need to be held in one piece of software.

As long as there is a link between the different pieces of software, the records can be held in a range of acceptable digital formats.

Online VAT Submissions

The VAT return is calculated from the digital records maintained in the functional compatible software, and a business will need to confirm the return is correct before sending it to HMRC.

Once submitted, confirmation the return has been received by HMRC will be received via the software, while VAT returns can be submitted by us on behalf of your business.

Download our MTD Guide

If your looking to read more about Making Tax Digital and how it affects you then please download our free guide,

MTD for VAT Registered Businesses Guide

MTD VAT Obligations from 1 April 2019 onwards.

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MTD COmpliance Packages

Starting From
£75 +VAT
/month
Find out more

If you are interested in finding out more about our MTD packages and services please don't hesitate to get in touch.

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Item
Soletrader
Start Up
Business
Business+
No. of Pages
The number of pages can be increased for a small extra cost. Please see our ‘Extras’ Tab below the table for more information.
1
5
10
20
Free Domain Purchase
We consult with you on your ideal domain name before researching into what variations are available. 2 Years fees are included.
Responsive Design
All of our sites are specially designed to auto adjust to any screen size. They also include special mobile and tablet views making them truly versatile.
Data/Contact Forms
We can create data capture and contact forms that allow you to do more with your website – Messages, Newsletters, Questionnaires, Bookings and more.
1
3
4
5
Stock Images
We expect most customers will have their own images to fill out the website but we will buy stock images to cover the rest which will be sent to you to keep after.
2
5
10
15
Social Media Integration
We can integrate share buttons, like buttons, twitter feeds, facebook feeds and a whole lot more. Please ask us about your requirements.
Google Plus Set Up
We will set up Google Plus and create a Google Business Page for your business. This is a major starting point in aiming for good search rankings.
Analytics Tools Set Up
We will set up and show you how to access Google’s Analytics and Webmaster Tools software. This will give you a plethora of visitor information statistics.
Monthly Analytics Reports
Using Google’s analytics software we can create automatic visitor statistic reports that can be sent to you every day, week or month.
Standard SEO
Our standard Search Engine Optimisation service includes our recommended SEO techniques to get your business off to good start with SEO
Premium SEO
Our Premium SEO service includes all of the services included in the Standard service plus some quality back linking and Keyword Analysis. See below for more info.
Logo Design
This a professional service by our in house Graphic Designer. This will give you a quality logo to suit your business that can be used across your marketing.
Package Costs
£450 + VAT
£850 + VAT
£1,175 + VAT
£1,550 + VAT
Our Fully Qualified Accountants can help you make a full disclosure whilst minimising your tax liability.

We will talk with you about your circumstances and help you to claim every expense and relief that you are entitled to, ensuring you only pay the tax that you owe.

What is ‘functional compatible software’?

There are a range of different ‘Functional compatible software’ available including Online Book-keeping Software, Excel Bridge Software, Online VAT Submission Software and Accountant specific Software.

They must be capable of recording and preserving records in an electronic form, providing information and returns from the records to HMRC in an electronic form using the API platform and receiving information from HMRC

It’s possible to mix and match software – the complete set of digital records needed for MTD for VAT don’t need to be held in one piece of software.

As long as there is a link between the different pieces of software, the records can be held in a range of acceptable digital formats.

Contact us

HMRC has produced produce a list of software from commercial software suppliers which can be used for MTD for VAT.

Which businesses are affected?

MTD for VAT is compulsory for VAT-registered businesses with turnover above the current VAT-registration threshold of £85,000, which has been frozen until 1 April 2020.

From the start of their first VAT return period or after 1 April 2019, VAT-registered businesses with turnover above the VAT registration threshold will need to comply with the digital record-keeping and reporting requirements of MTD for VAT.

VAT-registered businesses whose turnover is below the VAT registration threshold will be able to choose whether to join MTD for VAT.

Once within the scheme, a business must remain in it while they are VAT-registered,even if their turnover falls below the VAT-registration threshold.

We can help you make your Let Property Campaign disclosure easy and hassle free whilst ensuring you only pay the right amount of tax. We give a full tax review on all of the years you did not declare, helping identify allowable expenses or reliefs that could help minimise your tax liability.

Our Service

Exemptions

xxxxx
There are very few exemptions for MTD for VAT. If any of the following exemptions apply to your business, HMRC advise you to contact the VAT Helpline on 0300 200 3700.
Religious societies
The business is run entirely by practicing members of a religious society whose beliefs are incompatible with the requirements of MTD for VAT. This could be where their beliefs prevent them from using computers
Not practical
An exemption may apply where it’s not reasonably practical to use digital tools to keep business records or to submit returns for reasons of age, disability, remoteness of location or for any other reason.
Insolvency
If an insolvency procedure is in place, an exemption from MTD for VAT may be granted
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Reasons to choose us

About Us

Designory Data

It’s compulsory for you to keep a digital record of your business’ name and an address, which is the principal place of business. Your business’ VAT-registration number and a record of any accounting schemes used must also be recorded digitally.

Supplies Recieved

For each supply your business receives, you need to record the time of supply, the value of supply (including any VAT that cannot be reclaimed), and the amount of input tax to be claimed.If there is more than one supply on an invoice, the totals from the invoice can be recorded.

Supplies Made

For each supply made by your business, you must record the time it was supplied, how much it was worth at the time and the rate of VAT charged. Multiple supplies made at the same time don’t need to be recorded separately. The total value of supplies on each invoice or receipt that have the same time of supply and rate of VAT can be recorded. A record must also be kept of output values for the period split betweens tandard rate, reduced rate, zero rate, exempt and outside the scope outputs.

HOW IS THE BILL CALCULATED?

The VAT account provides the link between the digital VAT records and the VAT return submitted to the Revenue.

Under MTD for VAT, the information which must be held in the VAT account must be maintained digitally and this is referred to as the ‘electronic account’.

To demonstrate a link between the output tax in the business records and the output tax on the VAT return, the electronic account must contain a record of:

  • output tax owed on sales
  • output tax owed on acquisitions from other EU member states
  • any tax to be paid on a supplier’s behalf under a reversecharge procedure
  • any tax owed following a correction or error adjustment
  • any other adjustment required by the VAT rules

Similarly, to demonstrate the link between the input tax in the businessr ecords and the input tax on the VAT return, the electronic account must contain a record of:

  • input tax which can be claimed on business purchases
  • input tax allowable on acquisitions from other EU member states
  • tax that can be reclaimed following a correction or error adjustment
  • any other necessary adjustment.

Where adjustments are required, only the total value for each type of adjustment will need to be kept digitally.

However, while the underlying calculations don’t have to be made digitally or using software, and can be performed manually or by using spreadsheets if preferred, using software should reduce the risk of errors. The electronic account is vital as the information held in it will be used to calculate and complete the VAT return using functional compatible software

What is ‘functional compatible software’?

‘Functional compatible software’ is the cornerstone of MTD for VAT. It will be used to maintain the compulsory digital records, calculate the return and submit it to HMRC via an application programme interface (API). Functional compatible software is simply the name given to a software program, or set of compatible software programs, which are capable of:

  • recording and preserving records in an electronic form
  • providing information and returns from the records to HMRC inan electronic form using the API platform
  • receiving information from HMRC

It’s possible to mix and match software – the complete set of digital records needed for MTD for VAT don’t need to be held in one piece of software.

As long as there is a link between the different pieces of software, the records can be held in a range of acceptable digital formats.

The link between the software is key, and is a legal requirement where a set of compatible software programs is used.

HMRC is likely to produce a list of software from commercial software suppliers which can be used for MTD for VAT.

Open Door Policy

We encourage as much contact with our clients as possible as the more we learn , the more we are able to assist you in developing and growing your business.

Free Tax & Business Advice

We offer unlimited Free accounting, business, tax, marketing and web advice to all of our customers. To see how we can help, visit our client advice page.

Fixed Competitive Fees

All of our fees are quoted for and agreed in advance. This makes it easy for you to budget and protect your cashflow with our monthly payment terms.

Free Business Reviews

We offer Free business review meetings to our clients all year. We can help you to analyse your business and make achievable targets to improve.

Completing and submitting VAT returns

The VAT return is calculated from the digital records maintained in the functional compatible software, and a business will need to confirm the return is correct before sending it to HMRC.

Once submitted, confirmation the return has been received by HMRC will be received via the software, while VAT returns can be submitted by us on behalf of your business.

pricing

Pricing From
£500 +VAT

If you have properties to declare then get in touch and we will talk it over with you so we can provide you with a fixed fee, no obligation quote.

Contact Us

If you are interested in finding out more about our services then please don't hesitate to get in touch.

You can call us on 0208 858 4303, send an email to info@finsburyrobinson.co.uk or click the link below to fill out our online form.
CONTACT US
Excellent

Reasons to choose us

About Us
UK QUALIFIED ACCOUNTANTS

Our UK qualified accountants have over 20 years experience with tax and dealing with HMRC.

EXPERIENCED IN LET PROPERTY

We have been handling clients let property campaign since the campaign started in 2013.

EASY, HASSLE FREE

We can handle the entire process, taking the stress away by dealing with HMRC for you.

Fixed Competitive Fees

Our pricing is simple, fixed and agreed in advance, allowing you to plan for all your costs.

FREE FULL TAX REVIEW

We will conduct a full tax review to make sure you are claiming everything your entitled to.

NATIONAL UK COVERAGE

We can work with you online/over the phone from anywhere in the UK.

Our Solutions

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MTD Basic

Xero is online accounting software that helps you to save time on your paperwork and get paid faster.

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MTD Premium

Xero is online accounting software that helps you to save time on your paperwork and get paid faster.

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Compare Packages

Item
Soletrader
Start Up
Business
Business+
No. of Pages
The number of pages can be increased for a small extra cost. Please see our ‘Extras’ Tab below the table for more information.
1
5
10
20
Free Domain Purchase
We consult with you on your ideal domain name before researching into what variations are available. 2 Years fees are included.
Responsive Design
All of our sites are specially designed to auto adjust to any screen size. They also include special mobile and tablet views making them truly versatile.
Data/Contact Forms
We can create data capture and contact forms that allow you to do more with your website – Messages, Newsletters, Questionnaires, Bookings and more.
1
3
4
5
Stock Images
We expect most customers will have their own images to fill out the website but we will buy stock images to cover the rest which will be sent to you to keep after.
2
5
10
15
Social Media Integration
We can integrate share buttons, like buttons, twitter feeds, facebook feeds and a whole lot more. Please ask us about your requirements.
Google Plus Set Up
We will set up Google Plus and create a Google Business Page for your business. This is a major starting point in aiming for good search rankings.
Analytics Tools Set Up
We will set up and show you how to access Google’s Analytics and Webmaster Tools software. This will give you a plethora of visitor information statistics.
Monthly Analytics Reports
Using Google’s analytics software we can create automatic visitor statistic reports that can be sent to you every day, week or month.
Standard SEO
Our standard Search Engine Optimisation service includes our recommended SEO techniques to get your business off to good start with SEO
Premium SEO
Our Premium SEO service includes all of the services included in the Standard service plus some quality back linking and Keyword Analysis. See below for more info.
Logo Design
This a professional service by our in house Graphic Designer. This will give you a quality logo to suit your business that can be used across your marketing.
Package Costs
£450 + VAT
£850 + VAT
£1,175 + VAT
£1,550 + VAT

Our Solutions

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Suspendisse varius enim in eros elementum tristique. Duis cursus, mi quis viverra ornare, eros dolor interdum nulla, ut commodo diam libero vitae erat. 

MTD Basic

Xero is online accounting software that helps you to save time on your paperwork and get paid faster.

  • aaaaaaaaaaaaaaaa
  • aaaaaaaaa
  • aaaaaaaaaa

Xero is online accounting software that helps you to save time on your paperwork and get paid faster.

No items found.
No items found.

MTD Premium

Xero is online accounting software that helps you to save time on your paperwork and get paid faster.

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  • aaaaaaaaa
  • aaaaaaaaaa

Xero is online accounting software that helps you to save time on your paperwork and get paid faster.

No items found.
No items found.
All About
Making Tax Digital
Which businesses are affected?

MTD for VAT is compulsory for VAT-registered businesses with turnover above the current VAT-registration threshold of £85,000, which has been frozen until 1 April 2020.

From the start of their first VAT return period or after 1 April 2019, VAT-registered businesses with turnover above the VAT registration threshold will need to comply with the digital record-keeping and reporting requirements of MTD for VAT.

VAT-registered businesses whose turnover is below the VAT registration threshold will be able to choose whether to join MTD for VAT. Once within the scheme, a business must remain in it while they are VAT-registered, even if their turnover falls below the VAT-registration threshold.

Where turnover is above the VAT-registration threshold on 1 April 2019, the start date will depend on how the VAT quarters fall:

VAT Return Quarters MTD Start Date
Ending 31 March, 30 June, 30 September, 31 December 1 April 2019
Ending 30 April, 31 July, 31 October, 31 January 1 May 2019
Ending 31 May, 31 August, 30 November, 28 February 1 June 2019
What Exemptions are there?

There are very few exemptions for MTD for VAT. You maybe granted exemption if your business is a Religious Society, it is undergoing insolvency procedures or that you find it is not reasonably practical to use digital tools to keep business records based on reasons for age, disability or remoteness of location.

If any of these exemptions apply to your business or that you are unsure, HMRC advise you to contact the VAT Helpline on 0300 200 3700.

What Records do I need to keep digitally?

Certain records must be kept digitally within functional compatible software under MTD, and be preserved for up to six years.

Designory Data

It’s compulsory for you to keep a digital record of your business’ name and an address, which is the principal place of business. Your business’ VAT-registration number and a record of any accounting schemes used must also be recorded digitally.

Supplies Recieved

For each supply your business receives, you need to record the time of supply, the value of supply (including any VAT that cannot be reclaimed), and the amount of input tax to be claimed.If there is more than one supply on an invoice, the totals from the invoice can be recorded.

Supplies Made

For each supply made by your business, you must record the time it was supplied, how much it was worth at the time and the rate of VAT charged. Multiple supplies made at the same time don’t need to be recorded separately.

The total value of supplies on each invoice or receipt that have the same time of supply and rate of VAT can be recorded. A record must also be kept of output values for the period split between standard rate, reduced rate, zero rate, exempt and outside the scope outputs.

What is ‘functional compatible software’?

There are a range of different ‘Functional compatible software’ available including Online Book-keeping Software, Excel Bridge Software, Online VAT Submission Software and Accountant specific Software.

They must be capable of recording and preserving records in an electronic form, providing information and returns from the records to HMRC in an electronic form using the API platform and receiving information from HMRC

It’s possible to mix and match software – the complete set of digital records needed for MTD for VAT don’t need to be held in one piece of software.

As long as there is a link between the different pieces of software, the records can be held in a range of acceptable digital formats.

what is the vat account?

The VAT account provides the link between the digital VAT records and the VAT return submitted to the Revenue.

Under MTD for VAT, the information which must be held in the VAT account must be maintained digitally and this is referred to as the ‘electronic account’.

To demonstrate a link between the output tax in the business records and the output tax on the VAT return, the electronic account must contain a record of:

  • output tax owed on sales
  • output tax owed on acquisitions from other EU member states
  • any tax to be paid on a supplier’s behalf under a reversecharge procedure
  • any tax owed following a correction or error adjustment
  • any other adjustment required by the VAT rules

Similarly, to demonstrate the link between the input tax in the business records and the input tax on the VAT return, the electronic account must contain a record of:

  • input tax which can be claimed on business purchases
  • input tax allowable on acquisitions from other EU member states
  • tax that can be reclaimed following a correction or error adjustment
  • any other necessary adjustment.

Where adjustments are required, only the total value for each type of adjustment will need to be kept digitally.

However, while the underlying calculations don’t have to be made digitally or using software, and can be performed manually or by using spreadsheets if preferred, using software should reduce the risk of errors. The electronic account is vital as the information held in it will be used to calculate and complete the VAT return using functional compatible software

Completing and submitting VAT returns

The VAT return is calculated from the digital records maintained in the functional compatible software, and a business will need to confirm the return is correct before sending it to HMRC.

Once submitted, confirmation the return has been received by HMRC will be received via the software, while VAT returns can be submitted by us on behalf of your business.

Getting ready

The countdown has begun and VAT-registered businesses need to start getting ready. It’s important to understand what’s required and what records must beheld digitally. It’s also important to decide what software will suit the business, and whether a single piece of software or a set of software will be best for you.

Once you have decided, you should make checks to ensure everything is up and running by the relevant start date. HMRC has promised a soft landing – but, as always, it pays to be prepared.

About Us