Making Tax Digital (MTD) is an HMRC initiative designed to make sure the UK tax system is effective, efficient and easier for taxpayers. It requires that your accounts system and related IT systems are compliant.
Don’t worry – we’ve been busy making NCompass Digital Tax Compliant, and an update is due shortly following testing – please stand by for further news!
the 1st April 2019 VAT registered businesses with a turnover above £85k
will have to keep their records in a digital format and submit VAT returns
using compatible software (e.g. Sage, Xero…)
Other aspects of Marking Tax Digital, such as income and corporation tax, have been placed on hold until 2020 at the earliest. You can find further updates and developments on the HMRC Resource hub – https://www.gov.uk/government/publications/making-tax-digital-how-vat-businesses-and-other-vat-entities-can-get-ready
NCompass and MTD
February 2019 a new version of NCompass
will be released which includes features to help you be compliant with
Making Tax Digital. To access these new
features changes you will need to update your
NCompass to that new version.
To help you be prepared for the new update when it is released, here is a quick checklist:
- Is your system is running NCompass 9.92 or later? See Help > About NCompass
- Are you entering your Supplier Invoices into NCompass?
- Do you export Supplier Invoices from NCompass to your accounting package using the Export Accounts Data function?
- Is your Accounts package MTD compliant?
If the answer to all the above is YES, then you are ready for the update next month – please
If not, don’t panic! We can help you out – simply fill out the contact form, and we’ll give you a call to help get you ready.
If you have any other questions, please just drop us a line and we’ll be happy to help.