Self-employed? Submitting VAT Returns
If you are a self-employed coach operating via a business (Limited Company or Sole Trader) which is registered for VAT you will be required to submit your VAT returns to HMRC electronically from April 2019. There are some exceptions, allowing some organisations to defer making digital submissions to October 2019. The announcement from HMRC provides further insight and can be found here.
Most organisations should be aware of this change already and will hopefully have already started a conversation with their professional financial advisers about what steps they need to take to be ready for this change. There are several software products on the market, you may already be using these in your business, which are MTD compliant. You might want to consider migrating to one of these. The HMRC announcement above links to this page, which advises which vendors HMRC are aware of that have compliant solutions.
You may already be providing Income Tax returns digitally as the Income Tax pilot has been operational for some time. If you use an accountant or payroll provider to deal with your PAYE and tax returns, they may already be submitting digital returns on your behalf.
If you are unsure how these HMRC announcements affect you, it would be sensible to check your particular circumstances with your accountant or tax adviser.
The purpose of this message is to ensure that EMCC UK members who may be impacted by these changes, are fully aware of them and have sufficient time to take action to remain compliant with the new HMRC rules. As this is a major change to the way that tax records are submitted and is likely to impact quite a number of our members, we wanted to ensure that members are fully aware of the implications.