Epos Software You Need For Making Tax Digital (MTD)
It`s likely you`ve already know about Making Tax Digital (MTD), a government initiative aiming to change the UK tax system by 2020. Almost 3m businesses will be influenced when it comes on 1 April 2019. It`s essential that retailers ensure they have a compliant digital solution in front of the changes. MTD will affect retailers in two key ways:
- • You should use MTD-compliant software to keep a digital record of VAT transactions
- • You should use MTD-compliant software to submit VAT returns on a quarterly basis
Essentially, all retail businesses should keep a digital record of all transactions including digitally storing sale costs, costs, taxes, and so forth. That means in case despite everything you`re doing manual transfers or storing records in a shoebox, you won`t be compliant under MTD.
Epos Direct can help prepare you for MTD
Epos Direct enables retailers to maintain their entire retail business digitally and pushes every digital sale, transactions, stock orders and cost of goods sold (COGS) regularly to our partner accounting platform, Sage. Epos Direct and Sage are integrated platforms, which mean information is transferred consistently, so no double entry is required. Sage is MTD-compatible epos software meaning a retailer will almost certainly file their VAT returns online.
Not sure where to begin?
Here`s how to get started: Research cloud Epos systems.
Start looking immediately in the event that you aren`t right now using one. We recommend taking trials to ensure the software is a good fit for your business. If you have an epos system, integrate it with your accounting software at the earliest possible.
Look for a certified accounting system
Ensure that your accounting system will be certified under MTD. If it`s not, begin researching other options. We prescribe finding an accounting system that integrates with your epos.
Talk to your accountant
Getting professional guidance is crucial. We suggest contacting your accountant or clerk for more information on MTD and what it means for your business.