Meet Making Tax Digital Requirements With Group VAT Returns
If you run a VAT registered business, submitting your tax return every quarter can require a lot of admin work.
So, if you run multiple companies, it makes sense to submit all of those VAT returns together. This is particularly handy if all of your accounting is centralised.
As part of HMRC’s Making Tax Digital requirements, you must keep digital VAT business records and send returns using software that is Making Tax Digital compatible.
Why is the government ‘Making Tax Digital’?
The government is Making Tax Digital to make it easier for you to get your tax right and keep on top of your affairs.
The new legislation requires companies to use functional MTD-ready software to transition over to digital tax submissions.
Research has shown that many people want to get their tax right but they find it difficult to do so. By providing digital records, and utilising the help available from tailored software products, customers can improve accuracy and reduce the amount of tax lost due to avoidable errors.
OrderWise Accounts makes it easy for you to get Making Tax Digital ready
As a HMRC recognised software solution for submitting digital VAT returns, OrderWise Accounts already makes it easy for companies to achieve compliance and easily manage their everyday business accounting. Now if you have multiple companies that hold a group VAT status, we have created a simple solution for you to quickly and easily submit all of your VAT returns at once.
With the OrderWise VAT groups feature:
- Run the VAT returns for all companies at once
- Reduce time spent on admin
- Simplified, automated process
How it works: submitting group VAT returns through OrderWise
If you hold all companies within OrderWise:
- Validate that the start/end dates and times are the same for the returns you wish to submit
- Choose one database to physically submit the VAT Return through and then click to import the VAT returns from the other databases
- The balances from the individual VAT returns from each company will be automatically added as adjustments to the group VAT return
- Once the group VAT return is submitted, any associated VAT returns will also be automatically marked as submitted
If you hold some companies outside of OrderWise you can import VAT return figures from a csv file.
If you’d like to know more about our VAT groups feature and how OrderWise can help your business get Making Tax Digital ready, give us a call on 01522 704083