The changes in the VAT rules for cross border sales to and from the EU are certainly creating chaos and confusion especially in the eCommerce sector. We are now 6 weeks into the new rules and I have seen an increasing number of posts on small business forums indicating that many small eCommerce businesses feel unprepared and uneasy. My concern is that the VAT Returns covering periods from 1 January 2021 have a high risk of misstatement. Up to 31 December 2020, eCommerce selle
It really lifts my spirit to receive great #feedback like this, as it makes me feel that my efforts were fully appreciated. Stuart came to me with a sense of frustration and despair at the entire accounting profession. He runs a successful #eCommerce business across multiple platforms and his two previous accountants simply don't appear to have been able to cope with the complexity and volume of the data flows. In order to catch up, I implemented Xero accounting software for
Do you understand what the changes to the end of the soft landing period for VAT MTD will mean for you? If you are still using the manual entry HMRC VAT submission portal, then you are still non-compliant and really should take action now. If you are using bridging software, then the data flowing into that bridging software must be a flow of electronic data from the point of initial input of invoices and receipts to the final totals flowing to HMRC via the bridging facility.
If you are still manually entering VAT figures in the boxes on HMRC's Online VAT facility then you are not MTD compliant! The confusion may occur because there are two VAT Online systems within HMRC. - The original VAT Online including your data and submissions prior to MTD, which you want to be able to access as part of your historical records, - The new MTD Online facility which includes the integration capability to communicate with third party software for MTD. These are