In April 2019, HMRC’s Making Tax Digital scheme came into effect. This means that VAT registered associations and other social housing providers will be obligated to submit their tax digitally. In response, OmniLedger developed new software that will calculate VAT and generate a file for submission to HMRC. The software is designed to assist customers who are both fully registered and partially exempt from VAT, with the Pyramid Housing Management System automatically calculating breakdowns for the latter.
For a number of VAT registered associations with more complex requirements, the scheme did not take effect until October 2019. Businesses that fell under this 6-month deferral are defined by HMRC:
Making Tax Digital mandated for customers that have been deferred. The 6-month deferral applies to customers who fall into one of the following categories: trusts, ‘not for profit’ organisations that are not set up as a company, VAT divisions, VAT groups, those public sector entities required to provide additional information on their VAT return (Government departments, NHS Trusts), local authorities, public corporations, traders based overseas, those required to make payments on account and annual accounting scheme users.
As part of the development process, OmniLedger underwent HMRC’s VAT Recognition programme, with any developed software having passed their examination procedure prior to release.
If your organisation is fully registered or partially exempt from VAT and would like more information, then please register your interest by completing the form to the right.
For more information of HMRC’s Making Tax Digital, you can do so via the Gov UK website.
Not sure when your should sign up to Making Tax Digital? Read our free guide by clicking the download above.