Well Ahead of HMRC Deadline
From April 2019 businesses above the VAT threshold will be expected to keep their records digitally and provide quarterly updates to the HMRC for their VAT. Law firms that have LAWFUSION as their business system will be able to file their VAT returns straight to HMRC via LAWFUSION. The LAWFUSION development team has been working closely with HMRC for some time on this and have demonstrated their ‘Making Tax Digital’ functionality to HMRC and it has passed their checks.
HMRC has started piloting (16-10-18) to allow public beta testing so that law firms can start digitally filing their VAT returns, well before the deadline. (Once a firm signs up for the beta testing there is no going back, so LAWFUSION users should speak to their account manager before signing up for the pilot as there are still some considerations that must be taken into account, e.g. HMRC are not yet geared up for EU transactions.)
Making Tax Digital is all part of HMRC working towards its ambition to become one of the most digitally advanced tax administration systems in the world. They announced their plans back in 2016 setting out their key aims.
For more information about LAWFUSION’s ‘Making Tax Digital’ functionality or any other aspect of LAWFUSION – please call 01482 567601 or book a demonstration here.