Tax Software for the Construction Industry
Make your tax process more effective, efficient, and simple - without mistakes.
In an effort to reduce errors and simplify taxes, the government is making fundamental changes to the tax system. These changes will help prevent mistakes that are estimated to cost HMRC more than £9 billion in lost tax every year.
As the first step on that journey, starting April 2019, VAT registered businesses that have an annual turnover above the VAT threshold (£85,000) will be required to:
- Keep their records digitally (for VAT purposes only)
- Provide their VAT return information to HMRC every month or quarter using HMRC-approved, MTD-compatible software
- Store their VAT records digitally for six years
Initially, these businesses have to submit monthly or quarterly VAT headline summary totals. In time, this requirement will likely expand to include all transactional data.
More information is available at www.gov.uk – simply type ‘Making Tax Digital’ in the search box.
RedSky Has A Solution For Construction Businesses
RedSky has an in-depth understanding of the MTD requirements. We are an active member of the British Application Software Developers Association (BASDA) working group, which made an important contribution to the government’s lengthy MTD consultation process.
We have developed functionality that allows our customers to record their MTD information in the correct format. Customers have an option to use a new API Submission module to submit VAT Returns to the government website. This painless process allows Redsky customers to complete taxes correctly, accurately, and quickly.
Find out more about Making Tax Digital in Summit or any of RedSky’s construction-specific software solutions.