We recently submitted our first VAT return under the Making Tax Digital umbrella in the UK. I think it stands out as an excellent example of how technology roll out should work. It is a lesson to us all.
Firstly, my thanks to Jackson's, our accountants, for alerting us to crossing the VAT registration threshold.
HMRC has just mandated electronic VAT returns. This could have been chaos. This could have been a bonanza for companies feeding off the fear and uncertainty, essentially becoming a Tax on business in and of itself.
Instead, it seems to have been really well thought through. HMRC has advertised all of the accounting systems that it certifies. The process of getting your account with the tax authority was fairly painless.
HMRC ran a webinar with live Q&A.
The creation of the VAT return in the accounting software was quite obvious.
HMRC sent me a receipt immediately.
I feel my company can fulfill its obligations and make its contribution without it being a bureaucratic ordeal.