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The retail software you need for Making Tax Digital
By Bira
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The retail software you need for Making Tax Digital

Does your retail business have the right software solutions in place so you’ll be compliant with Making Tax Digital this year? Vend, Bira’s approved retail Epos, is here to make sure all your bases are covered for Making Tax Digital in 2019.

It’s likely you’ve already heard of Making Tax Digital (MTD), a government initiative aiming to transform the UK tax system by 2020. Nearly 3m businesses will be affected when it comes into effect on 1 April 2019. It’s essential that retailers make sure they have a compliant digital solution ahead of the changes. MTD will affect retailers in two key ways:

  • You must use MTD-compliant software to keep a digital record of VAT transactions
  • You must use MTD-compliant software to submit VAT returns on a quarterly basis

Basically, all retail businesses will need to keep a digital record of all transactions including digitally storing sale prices, costs, taxes, etc. That means if you’re still doing manual transfers or storing records in a shoebox, you won’t be compliant under MTD.

Vend can help get you ready for MTD

Vend allows retailers to run their entire retail business digitally and pushes all digital sales, transactions, stock orders and cost of goods sold (COGS) on a daily basis to our partner accounting platform, Xero. Vend and Xero are integrated platforms, meaning information is transferred seamlessly, so no double entry is required. Xero is MTD-compatible software meaning a retailer will be able to file their VAT returns online.

Not sure where to begin?

Here’s how to get started: Research cloud Epos systems.
Start looking immediately if you aren’t currently using one. We recommend taking trials to make sure the software is a good fit for your business. If you have an Epos system, look into integrating it with your accounting system as soon as possible.

Look for a certified accounting system.

Make sure that your accounting system will be certified under MTD. If it’s not, start researching other options. We recommend finding an accounting system that integrates with your ePOS.

Talk to your accountant.

Getting professional advice is crucial. We recommend contacting your accountant or bookkeeper for more information on MTD and what it means for your business.

XERO + Vend

HMRC compatible software from Xero +Vend. Your total retail management solution.
Find out more

Vend

Sell, manage, report and grow with Vend’s unmatched ePOS software.
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To find out more about Vend, get in touch with our friendly team. Go to www.vendhq.com/uk/bira to sign up for a free 14-day trial or give us a call on 020 3868 3219. Mention you’re a bira member to unlock exclusive offers.

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