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
For customers using our record keeping features, the system automatically populates the 9-Box VAT Form using the invoices and expenses recorded in the App using the Accrual VAT Scheme.
Other Accounting Schemes
Businesses using other VAT schemes should use the Bridging Feature that is also included on our App.
The Bridging Feature is the terminology used by HMRC where customers can load their VAT spreadsheet to comply with Making Tax Digital.
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/