The deadline for charities to comply with Making Tax Digital is just under two weeks away - here is an overview of the help and resources available.
In exactly two weeks from now (October 1st), the mandatory Making Tax Digital intitiative comes into force for all UK charities that pay tax and VAT. Under the new rules, charities will be required to submit their taxes through HMRC compliant software that meets specific standards, while also keeping accurate digital records of their taxes. Any organisation not compliant by that date could face issues processing their tax and penalties for non-compliance, so it’s essential that charities are prepared. It may sound ominous but actually, there are good reasons for the new rules - Making Tax Digital represents a great opportunity for organisations to improve their finance operations and maybe even save money through the use of more accurate and efficient digital systems. However there are a few practical considerations, particularly around ensuring that charities have the right processes in place.
To find out more, we recommend the following: Our recent article ’the best resources for charities on the new digital tax rules’ gives charities an overview of the various resources and guides available from the HMRC on Making Tax Digital, and where to go for more help. We teamed up with cloud experts Oracle NetSuite for a webinar ’Making Tax Digital: Take your first step to becoming HMRC compliant’ that explains the key changes charities will need to make and the steps to follow, with a look at how charities have already made the switch. Lastly, our guide to ’The best regulation-approved finance software for charities’ takes a look at some of the deals and discounts available for charities on software, from the official HMRC-approved list of software platforms for managing and submitting VAT Returns and VAT records.