On 13th February this year HMRC will be introducing a new format to the Gateway which is used for the submission of VAT & Payroll information.
What does this mean for your business?
- In order to continue to file VAT Returns directly from your Sage 50 Accounting software, you must be on the latest Version 24
- Not on the latest version? Speak to your advisor to see how they could help. It may be a good opportunity to get some independent advice on how you use your software and see whether there is a ‘better-fit’ option for your business?
- In the meantime, if necessary you can still print off the VAT Return and file through the Gateway manually. This will keep you compliant, but extra care will be needed to ensure that the correct figures are manually keyed into the Gateway.
- In order to continue to make RTI submissions, it will be important to ensure that you are on at least Version 23 of Sage 50 Payroll.
- If using Version 23, when you make a submission on or around the 13th February you will be prompted that there is an update to run. It is essential that this update is accepted, as it will allow RTI submissions to continue through the new Gateway, until the software is updated to Version 24, ready for the new tax year.
- Version 24, which contains details for the new Tax Year and is also fully compatible with the new Gateway, will be released in stages from mid-February onwards, as is the norm for Payroll updates.
This is just the first change to the Gateway, in the gradual progression towards Making Tax Digital. If you would like advice on the Gateway changes, Making Tax Digital or getting more from your Sage Software in general, please do get in touch. firstname.lastname@example.org