New guidelines have been announced by HMRC – now giving them longer to make the digital transition.
Following the announcement from HMRC last week – offering companies the opportunity to delay making their VAT payments to HMRC, they have now relaxed the Making Tax Digital for VAT legislation dates for phase 2, giving businesses longer to make the change from manual submissions to going fully digital.
Making the digital transition to MTD for VAT
COVID-19 is creating extremely difficult times for all, and HMRC have confirmed that they are “committed to helping in every way possible all those businesses facing unprecedented challenges”.
Therefore, HMRC are providing all MTD businesses with more time to put in place digital links between all parts of their functional compatible software. This means that all businesses now have until their first VAT return period starting on or after 1 April 2021 to put digital links in place.
Delaying VAT payments
If you’re a UK VAT registered business and have a VAT payment due between 20 March 2020 and 30 June 2020, you have the option to:
defer the payment until a later date
pay the VAT due as normal
But it’s important to remember that you still need to continue to make your VAT submissions…
HMRC have also said that they will continue to process VAT reclaims and refunds as normal during this time.
One option is to use KFA Connect’s FREE bridging software solution Magic Tax.
KFA do not profit from the solution at all, we are simply asking businesses who find the solution useful to make a donation to our chosen charity Marie Curie.
Suggested donation, £20.00 per vat submission filed.
Charities at the moment need as much help as they can get, so now is a great time to use Magic Tax to help your business and helping a very worthy charity in the process!
For full details on any of the above, please visit HMRC website.
We’ve pledged to raise our fundraising total to £10,000 by the end of 2020 for Marie Curie.
KFA Connect launched its Making Tax Digital bridging software solution ‘Magic Tax’ in April 2019 and since then many companies have registered to use the service and have benefited from the FREE solution.
The Bournemouth Echo has published an article today about how Magic Tax is helping businesses of all sizes to comply with HMRC’s Making Tax Digital for vat legislation with 100% of any proceeds going to Marie Curie through voluntary donations.
“We are delighted to team up with KFA Connect on their fundraising initiative.“It’s great that they have created such a useful service and are using it to raise money for Marie Curie which will help us provide care and support to people living with a terminal illness and their families.
“After the success of 2019, we are excited to see how this initiative will grow in 2020. Thank you to the KFA Connect team and everyone who has used Magic Tax and donated so far.”
Sally Sansom – Marie Curie Community Fundraiser, Hampshire
The KFA Connect team are determined to help as many businesses as possible to comply with the new legislation with Magic Tax and raise as much as possible for the charity in the process.
It’s easy to register and start using Magic Tax. Sole Traders or smaller businesses who have no accounting software and larger companies where their current system may either need development work or an upgrade to be compatible with the legislation would all find Magic Tax very useful – either as an interim or long-term solution.
Even Accountants and Bookkeepers are finding it easy to use the solution to file with HMRC as an Agent on behalf of their clients. Multiple companies can be managed from just one MAgic Tax dashboard too.
£180.00 would provide 9 hours of nursing support in someone’s home through the night – bringing the expert care and comfort families need.
£90.00 would pay for half an evening’s care in a person’s home when they need it most.
£20.00 would pay for one hour of vital nursing care for someone living with a terminal illness in the comfort of their own home.
We’re supporting ‘Wear it Pink’ for Breast Cancer Now again this year… The team are wearing pink, eating pink cakes, holding pink sweepstakes and taking part in a pink raffle (phew!)
Held during Breast Cancer Awareness month, Wear it Pink is one of the biggest fundraising events in the UK.
This is the fourth year running we have supported the charity – since it is very close to the hearts of the KFA team. Even the KFA office dogs are getting involved (of course).
Some of the ‘Pretty in Pink’ team today.
This year, 55,000 women will hear the words “it’s breast cancer” and around 11,500 women will die from it.
Research holds the key to a future where all that changes. A future where women get to watch their children grow up, creating a lifetime of memories with the people they love.
A future where, by 2050, every woman who develops breast cancer lives – and lives well.
To make that future possible Breast Cancer Now are supporting nearly 450 of the world’s best researchers across the UK and Ireland. They are working tirelessly to prevent breast cancer, stop deaths from the disease and improve the lives of those affected by breast cancer.
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