From April 1st 2019 the government’s Making Tax Digital initiative means that all businesses with a taxable turnover exceeding the VAT threshold are required to record and submit their VAT returns digitally, using MTD-compatible software.
To support this, Pinewood have completed the development and testing to facilitate digital MTD submissions from Pinewood DMS.
This enables dealers to collate, submit and report VAT returns digitally from Pinewood DMS. Dealers can electronically record VAT transactions and adjustments, generate and submit returns directly to HMRC and collate and submit returns within a single VAT registration number.
Pinewood DMS now supports all five of the MTD for VAT services required to meet HMRC’s requirements. These include retrieving obligations, digitally submitting VAT returns, reporting on previously submitted returns, reporting on liabilities and reporting on payments.
All dealers using Pinewood DMS benefit from regular system updates as standard, meaning every user is always running the latest version. Following the most recent update, this means that all Pinewood DMS users can submit returns to HMRC, as VAT data no longer requires manual entry.
During the period of transition, Pinewood expect dealers to have a number of concerns and queries about setup and preparation of digital tax submissions. Pinewood’s support consultants are trained and available to assist with this.