BDO’S SOLUTIONS
IS MY ORGANISATION PREPARED FOR MTD?
Are you registered for VAT and are your taxable sales (subject to VAT) above the VAT registration threshold?
NO ACTION REQUIRED
VAT TECHNICAL HEALTH CHECK A review of your current VAT management and processes. Seeks to find errors and suggest improvements. VAT DATA ANALYTICS A review of your VAT data – is it accurate
NO
YES
NO
Are you currently using Excel or manual records to calculate your VAT?
Are you dealing with manual errors or adjustments regularly?
YES
ACTION REQUIRED
YES
and complete? We’ll ensure your calculations and data are accurate. SYSTEMS REVIEW
NO
NO
NO
NO
YES
We can assess your readiness for Making Tax Digital for VAT. If your current software is not suitable, we can help you identify the most suitable alternative. We can also assist with the creation of MTD compliant VAT return spreadsheet templates.
Are you using the latest version of your current software package?
Can your accounting software submit VAT returns directly to HMRC?
Is your data complete and accurate?
YES
YES
CLOUD ACCOUNTING We provide cloud accounting solutions to optimise and integrate your business operations.
ARE WE MTD COMPLIANT?
IS OUR ACCOUNTING SYSTEMMTD COMPLIANT? SYSTEMS REVIEW Review your current systems - are they MTD compliant? X X Can your current software: –– record and preserve records in electronic form? –– digitally link your VAT reports from source system(s) to the VAT return workings? –– provide VAT return information to HMRC in electronic form via an application programme interface (API)? X X Do you need a bespoke solution using an API-enabled spreadsheet or bridging software to ensure the required digital links? ARE OURVAT PROCESSES AND HOWWE HOLDOUR FINANCIAL RECORDS MTD COMPLIANT? VAT ADVISORY Review your current VAT management, processes and data to identify errors and how to avoid these in future.
TAKE OUR SELF-TEST NOWTO ASSESS HOW READY YOU ARE Just answer a few general questions on your business and we will email you a short summary of key VAT issues affecting your business. You can then follow-up with BDO’s team to help you start your planning in earnest. https://www.bdo.co.uk/en-gb/mtdfv-selftest
X X Are your records held digitally in your organisation? X X What reports are used to compile the VAT return? X X Are your calculations and data complete and accurate?
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