Page 29 - Show Guide Digital

and preserved digitally. Any records goods, works of art, antiques, (a) religious beliefs are
that you currently need to retain collectors’ items or are a tour incompatible with the
but are not specified in this VAT operator using the Tour Operators requirements of MTD for VAT. This
notice can be retained either Margin Scheme (TOMS) you aren’t is typically that the individuals
digitally or in another format (e.g. required to keep the additional running the business are unable
on paper): records required for these schemes to use computers because of their
in digital form. You’re not required beliefs.
Flat Rate Scheme: If you are a to keep the calculation of the
small business and use the Flat marginal VAT charged in digital (b) reasons of age, disability,
Rate Scheme you don’t need form. These records must still be remoteness of location or in
to keep a digital record of your maintained in some format. HMRC’s words “any other reason”
purchases unless they are capital that mean it’s not “reasonably
expenditure goods on which input If a business is voluntarily practicable” for the business
tax can be claimed. You also don’t registered for VAT then as soon owner to use digital tools to keep
need to keep a digital record of the as the taxable turnover is above business records or submit returns.
relevant goods used to determine the VAT threshold, the MTD rules For example, a business without an
if you need to apply the limited become mandatory. After this, if internet connection because it’s on
cost business rate. the taxable turnover falls below the an island that’s off the grid might
VAT threshold, these rules continue be considered exempt.
Retail Scheme: If you account to apply unless the business MAKING TAX DIGITAL
for VAT using a Retail Scheme— deregisters from VAT. Once a (c) the business is subject to
for example, because you make business has exceeded the VAT insolvency procedures.
sales using a Point of Sale (POS) threshold for a reporting period
terminal—you must keep a digital it’s not possible to deregister To apply for exemption, you will
record of your Daily Gross Takings from MTD for VAT without also need to contact HMRC’s VAT
(DGT). You aren’t required to keep deregistering for VAT. Helpline to discuss the situation
a separate digital record of the and arrange alternative measures.
supplies that make up your DGT Q. IS MY BUSINESS OR CLIENT Note that if HMRC believe
within functional compatible EXEMPT FROM MTD FOR VAT? exemption isn’t appropriate, they
software. may offer digital assistance to help
A. Outside of turnover being the business get online support.
Margin Scheme: If you account below the threshold, exemptions
for VAT using the Margin Scheme are allowed under the following
because you resell second-hand conditions:
This is an abbreviated version of the full blog, which can be found by visiting www.sage.com

STAND AC412
Sage is proud to support accountants and bookkeepers in Scotland and the North of England and
we are looking forward to meeting you again at Accounting Live. Sage has been supporting UK
accountants and bookkeepers for over 35 years. We have the UK’s biggest dedicated team supporting
over 20,000 accountants and bookkeepers. No matter how you work, we offer compatible, proven and
trusted software that’s ready for Making Tax Digital. Visit us at stand 412 to see how our Sage 50cloud
and Sage Business Cloud Accounting software is MTD ready.
Visit sage.com/accountants

JULIA WEDGWOOD CHRIS DOWNING
INSIGHTS LEAD, ACCOUNTANTS DIRECTOR OF PRODUCT MANAGEMENT
FOR ACCOUNTANTS AND BOOKKEEPERS
MAKING TAX DIGITAL IS EASY
WITH SAGE MACHINE LEARNING, AI, AUTOMATION,
During this session, Julia Wedgwood, ROBOTS, THE SKYNET TAKEOVER.....
resident Sage MTD expert, shares Join Chris as we look at what
expertise on getting ready for MTD benefits the hype around AI has
delivered for Scotland, what’s
possible today and what the future
holds.
12:15-13:15 // MTD HALL // WEDNESDAY & THURSDAY 11:00-11:30 // KEYNOTE HALL // WEDNESDAY & THURSDAY

ALEX IRVING ALEX IRVING
ACCOUNTANT ENABLEMENT SPECIALIST ACCOUNTANT ENABLEMENT SPECIALIST
EFFICIENCIES WITH SAGE BUSINESS CLOUD SAGE BUSINESS CLOUD ACCOUNTING:
Alex, our resident cloud expert, EVERYTHING FROM DIGITISING THE SHOEBOX
showcases the latest innovations on TO FILING YOUR TAX RETURNS
our cloud & cloud connected products. In this session we will show you a
Hear about the product roadmap as complete end to end solution from
well as some exciting new features the bookkeeping through to the final
that will ensure you stay compliant and accounts to the tax return.
help you become more efficient.
13:30-14:30 // TECH DEMO HALL // WEDNESDAY & THURSDAY 14:45-15:45 // ‘HOW TO’ HALL // WEDNESDAY & THURSDAY

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