Making Tax Digital (“MTD”) came into force on 1 April 2019. It is a common misunderstanding that MTD only affects submission of VAT returns but there is more to it.
HMRC are being more prescriptive on the VAT information to be recorded in accounts. It is no longer a case of recording invoices or payments. The new rules which have the force of law require recording of individual supplies.
How we can help?
It is important for organisations to understand these new rules and how it can affect your business. Our VAT for Accounts Payable course includes a session on how to record invoices containing more than one supply, reverse charge accounting, staff expenses, petty cash and invoices where the VAT is only partly recoverable (partly exempt businesses).
What will be covered:
- What VAT is chargeable on
- Evidence needed to recover VAT
- When VAT can be claimed
- VAT coding issues
- Non-recoverable VAT
- Imports and acquisitions
- Services from overseas and reverse charges
- Specific staff expenses and costs
- Effect of partial exemption
- Possible changes post Brexit
- Relevant changes in HMRC practice and policy
- Latest developments on Making Tax Digital