Making Tax Digital (MTD) is a major overhaul of the UK tax system. Originally announced during the 2015 Budget, MTD is a new method of tax collection and administration from HMRC which, from 1 April 2019, will require businesses who have turnovers above the VAT threshold of £85,000 to file returns digitally every quarter using compatible software.
MTD means you won’t be able to keep and submit manual records after April 2019. Businesses and individuals affected, will need to ensure that the software they are using is compliant with MTD and recognized as an ‘approved digital partner’ by HMRC, or they risk being unable to complete taxes digitally.
As certified members of Xero and QuickBooks, along with numerous other cloud accounting software providers, we are able to assist and allow you the full benefit of the latest technologies, allowing you to remain compliant with any government regulatory changes.
We are MTD ready and can help your business meet the new VAT obligations. We are assisting clients with the implementation of digital systems, with digital transformation being at the core of our agenda.
If you would like advice on how to get ready for MTD, or help in choosing an accounts software that will comply with HMRC’s MTD requirements, please get in touch.