March 12, 2019
Making Tax Digital (MTD) is a new regulation aimed to update the tax system over the next few years. MTD affects multiple areas of taxation including self-assessment, VAT, corporation tax and business tax. VAT regulations will be the first to change in April and it is imperative that your business is fully prepared.
As of April 2019, businesses with a turnover above the VAT threshold (£85,000) must maintain digital business records, and submit their VAT return through the new MTD system. Manually entering your VAT figures onto the HMRC website will no longer be possible - you must submit them directly from compatible software, authorised by HMRC.
The latest version of Sage 200, Sage 200cloud, uses the power of both the desktop and cloud (through its integration with Microsoft Office 365) allowing you to run a smarter and faster business. This integration creates a supercharged accounting solution designed to boost productivity and gain greater control over your business. Eliminate downtime with Sage 200, available 24/7 enabling you to easily manage your accounts, customers and business intelligence.
Aimed at SMEs, Sage 200 has the ability to integrate with a CRM solution, streamlining your business processes. With improved visibility over your business processes, you can manage multiple companies and reports on the move, regardless of your location. Sage 200 is a business-wide accounting system, providing unique features and functionality to give a powerful, scalable solution that grows with your business.
Is Sage 200 MTD compliant? The answer is simple - yes! The Sage 200 Spring 2018 release, and all future versions are MTD compliant. So if you're already using the latest version of Sage 200cloud, you're Making Tax Digital ready. This also applies to those using the latest version of Sage 50cloud.
However if you're not on the latest version of Sage 200, or don't have the correct authorised software, you need to make a change as soon as possible. That's where we can help. Solutions can ensure that you have the most up-to-date version of Sage 200, our experts will help you upgrade and are in constant contact with Sage in order to provide you with clear direction as soon as possible. We can ensure you're MTD compliant, without the hassle.
Sage have been working with HMRC regarding Making Tax Digital for a number of years, ensuring that all their accounting products are leading the way in compliance. Sage have over 35 years' experience leading British businesses.
Make sure you are ready for MTD by contacting our experts on 0115 840 5075 or enquire here.
Written By Lily Jones
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