As a follow up to our last blog post on the UK Making Tax Digital, https://blogs.exact.com/support/en/2019/04/mtd-update/
Posts Tagged ‘localizations’
In this blogpost you’ll find some frequently asked questions and answers about Making Tax Digital (MTD) for the UK.
As part of MTD, businesses registered for VAT with a taxable turnover above the VAT registration threshold of £85,000 will need to keep VAT records digitally and file their VAT returns using MTD compatible software. This will start from their first VAT period starting on or after 1 April 2019, which for monthly returns means that their first return will be due by 7th June and for April – June quarterly returns it means that their first return will be due by 7th August.
We are pleased to announce that Exact Globe and Exact Online now both have officially recognized HMRC MTD Programs. With this official recognition in place we can now include the API into the service pack release due on April 12th.
Exact has now finished the development of the new MTD API and is now in the process of finalizing dates with the HMRC for the required certification. In the meantime, we hope to soon be shown on the development list issued by the HMRC.
In Product Updates 417 and 416 enhancements were made to the existing online submission of VAT returns through the Government Gateway portal.
Most recently Spanish Authorities announced changes in annual forms of VAT reporting Models 303 and 390. The amount of information, which is subject to report for 2018 specially in Model 390, can be significantly decreased. Current changes in VAT reporting forms are due to generally introduced Immediate Information Sharing (SII) system, which is developed by the Spanish Tax Agency for VAT e-bookkeeping.