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Making Tax Digital (MTD) and TASBooks

In case it had escaped your notice, the deadline for Making Tax Digital is on the horizon. As is to be expected with any significant overhaul of the tax management system, there’s been a lot of concern, speculation and contradictory information. At Infoplex, we’re committed to ensuring that you have the most accurate information available at all times so that you can make informed business-critical decisions.

What is Making Tax Digital?

Making Tax Digital (MTD) is the cornerstone of HMRC’s move towards digitising the tax system. From 1st April 2019, any business that is VAT-registered will no longer be able to file its VAT submissions using the HMRC gateway. In its place, VAT-registered businesses will need to use commercial accounting software that has MTD submission capabilities.

Is TASBooks suitable?

The simple answer is yes, but there’s a big twist.

All of the information that you need when your business files a VAT submission is in the TAS database. It is – literally – at your fingertips. Unfortunately, there’s no in-built way to access this information and send it to HMRC.

Is there a solution available for TASBooks?

Yes. In the last few months you will have seen an email from Sage about MTD. It sets out the steps that Sage are taking to help VAT-registered businesses. They have built a special module for TASBooks which will let all VAT-registered businesses file their submissions online and meet HMRC’s compliance requirements.

Can I buy a solution directly from Infoplex?

Yes. We’re working with a company to develop an easy-to-use, low-cost solution.  We’ll have an announcement on our plans in the New Year. In the meantime, if you’d like to discuss your requirements, then feel free to get in touch with George by calling 01592 598101