Making Tax Digital
From April 2019 most vat registered companies will be required to file vat electronically using software that is capable of transmitting vat details directly to HMRC. This procedure will effectively replace the current ability to enter vat values into HMRC’s website by hand. Software companies who provide applications that calculate vat for their users are therefore having to amend their products to facilitate these changes. Following trials of Liquidity, Liquid Software is now recognised by HMRC as a provider of ‘Making Tax Digital’ software allowing existing users to apply to file vat returns electronically ahead of the April 2019 deadline. If you wish to learn more about ‘Making Tax Digital’ and whether it applies to your organisation please use the link below to go to the HMRC MTD overview web page.
If you are not a user of Liquidity you may wish to view a list of companies and products that are recognised by HMRC as being ‘Making Tax Digital’ compliant. This will help you in determining whether your existing software is compatible or give you information on those software companies that can provide MTD-ready software that is relevant to your needs. Whilst Liquidity is designed for all wholesalers, distributors and ‘light’ manufacturers there are many features which are specific to the electrical wholesale trade. As far as we are aware Liquidity is the only product aimed at this market listed by HMRC on their list of suppliers, a link to which is provided below.