HMRC/FSB Webinar – February 2022

This webinar was hosted by the Federation of Small Business and includes important updates from the HMRC Making Tax Digital Team.

Agenda

  • HMRC present the MTD rollout plan, who is impacted, and what customers need to do to comply with MTD.

  • MTD income & expense record keeping.

  • Making an MTD VAT Submission.

  • The MTD Bridging Feature (using spreadsheets).

  • FSB reaction and policy update.

  • Questions and answer session.

Other Useful Information

Accrual Accounting

The App automatically calculates VAT figures based on the invoices and expenses recorded in the App for businesses on the Accrual VAT Scheme.

Businesses using other VAT schemes should use the bridging feature.

Rhino is currently in the process of adding other VAT schemes to the App to facilitate CASH Accounting and FLAT RATE schemes. These enhancements will be included in the next major release of the App. (Summer 2022).

Agents submitting VAT Returns on behalf of their customers

This App is designed for customers to submit their own VAT Returns.  The Rhino team are in the process to adding the AGENTS feature that will enable Accountants and Agents to submit VAT Returns on behalf of their customers. This enhancement will be included in the next major release of the App. (Spring 2022).

Disclaimer

Rhino Software Limited provides this product to facilitate the submission of your VAT Return.   How you use the product and the content of the data is solely the responsibility of the customer.  Submission of VAT Returns are subject to HMRC Rules which can change from time to time.  If you are in any doubt, we advise that customers should seek professional advice.

Click on the following link to view our full terms and conditions.  https://rhinoapps.com/terms-and-conditions/

Useful information from HMRC

Making Tax Digital for VAT

For all the latest MTD information and announcements, please refer to the following links on the UK Government website.

Learn More

Making Tax Digital for Self Assessment

For all the latest MTD information and announcements, please refer to the following links on the UK Government website.

Learn More

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