As of the 1st of April 2019, if you are a VAT registered UK business with an annual turnover of over £85,000, you will have to submit your VAT returns digitally to the HMRC via an API.
In addition to submitting your VAT returns via the HMRC API platform, you will also have to retain electronic records through your chosen software, which in this case is Unit4 Business World (Agresso).
While the API platform for VAT returns is yet to be launched by the HMRC, it is crucial you start to consider how your Unit4 Business World (Agresso) system will comply with the incoming regulations.
Here at Integra Associates, we have designed a solution that will be compatible with all milestone versions of Unit4 Business World (Agresso), and will help you to ensure compliancy with Making Tax Digital.
Our solution takes away the pain of having to become Making Tax Digital compliant by automatically calculating your VAT return for your form.
We can also help businesses with more complex requirements to bypass the automatic calculation, allowing you for example, to extract your figures from an Excelerator should you wish to do so.
The Making Tax Digital initiative is designed to help reduce the amount of avoidable errors some businesses currently make, as well as the associated cost and worry that they face when the HMRC is forced to intervene.
While 98% of VAT returns are currently submitted digitally, the vast majority of these are done via the HMRC's online portal.
Making Tax Digital is designed to change this, with Unit4 Business World (Agresso) expected to submit your VAT returns to the HMRC via the API provided.
The regularity of your VAT returns will not change, regardless of whether you currently do them on a quarterly, monthly or even annual basis.