Press Release: March 12, 2019
After 1st April 2019 VAT registered business must change the way they make their quarterly VAT returns:
• They can no longer submit paper VAT returns or make their VAT return online via the HMRC website
• Paper based bookkeeping must stop – it must be “digital,” says the law – which means a spreadsheet is fine as long as you have a method of getting this into the HMRC web based servers.
It’s all part of HMRC’s program of Making Tax Digital (MTD) aimed at cutting the VAT gap between what HMRC thinks they are owed and what they actually collect. Estimates vary but it’s thought that they lose millions of pounds a year. Some of this is through mistakes but some will be through fraudulent activity.
The only problem is that there are an awful lot of VAT registered small and medium sized businesses (“SMEs”) who are extremely concerned because they do their bookkeeping on paper ledgers and/or:
• don’t have the money to pay for a new computerized accounts system
• don’t like the idea of their accounts information being stored on the “cloud” with some tech firm
• don’t want to pay their accountants more money just to complete a VAT return
Coming to the rescue is HeatingSave, an award-winning software company.
“We had to write the software for our own internal accounting systems,” said HeatingSave’s director Nigel Smith. “So, we decided go one step further and provide it free to SMEs. Our HeatingSave system is aimed at SMEs, so why not help them cut their accountancy costs too?”
HeatingSave say that the software is “dead easy to use,” – they even provide the spreadsheet for you to download and fill in. Their software then pushes this up to the HMRC web servers and gives you a message back to say that they have received it.
It’s quick, simple, and completely free!
When they aren’t making life easier for SMEs up and down the country, HeatingSave manufactures retro-fit heating controllers to cut 20%+ off heating costs.
“We don’t normally write accounting software, but we do have a lot of very clever computer programmers, so we decided to develop our own Making Tax Digital (MTD)-compatible Software Application for VAT Returns,” Nigel Smith said.
So what’s the catch? Why are they doing this for nothing? “Well, it doesn’t really cost us anything and you never know – some of the SMEs might consider buying HeatingSave to cut their rising heating and energy bills!” Nigel said in conclusion.
If you would like to try out the Free MTD software supplied by HeatingSave, visit https://www.heatingsave.co.uk and click on the MTD free button.
HeatingSave is part of the Tensor plc group of companies, holding both the NACOSS Gold and the ‘Secured by Design’ certifications.
In order to achieve the NACOSS Gold certification, Tensor plc proved that it complied with the requirements set out in BS EN ISO 9001:2008, NSI SSQS 101, NSI NCP 109, NSI NCP 104, PD6662:2010 and BS 7858:2012.
It also demonstrated that it is a financially stable and independently security-vetted company, properly insured and working to a formal and third party accredited quality management system.
A member of the “Made in Britain” initiative, Tensor also holds the Cyber Essentials certification endorsed by the UK Government, which ensures that security controls are in place and working effectively ensuring risks are mitigated from online threats through the secure configuration of an organisation’s computing resources.
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