Making Tax Digital

Making Tax Digital Is Coming

Are you ready for the Making Tax Digital (MTD) revolution that will affect your business from 1 April 2019?

 

So What’s Changing on 1 April 2019?
As a VAT registered business with a turnover in excess of the VAT threshold, currently £85,000 a year, from 1 April 2019 you will be required to keep business accounting records in an electronic format and submit future VAT returns electronically using connected software.  The option to use the Government Gateway for submitting VAT returns will cease.

 

This is just the first step towards the Treasury-driven implementation of MTD.  Subsequently, you will be required to submit quarterly returns of ‘real time’ business accounts information as well.  This will effectively be the delivery of Quarterly Accounts to HMRC in addition to final Annual Accounts, and will require up-to-date electronic accounting information to be available throughout the year.

 

Act Now, We Want to Help
To make these reporting changes as smooth and painless as possible, we want to assist you and your business to transition from existing bookkeeping and accounting processes to digital connected accounting software.  Acting now will ensure everything is in place, tried and tested all in good time.

 

Read our latest blogs and keep up with the most recent developments as well as our newsletters and events created to keep you up to date with the MTD journey.

 

Our latest Making Tax Digital Newsletters can be found below –

 

Issue 1 – Making Tax Digital… are you prepared?

Issue 2 – MTD – Making Tax Digital or Making Tax Difficult?

Issue 3 – Making Tax Digital … on hold for new Parliament

Issue 4 – Making Tax Digital… a reminder

September 2017 – MTD Leaflet



 
Latest Blogs in Making Tax Digital
 
Daniel Coleman
11th April 2018 Making Tax Digital ‘Roadshow’ – Huntingdon

We have begun the first of eight seminars discussing the preparation needed for making tax digital. Our first seminar kicked off in Huntingdon at the Marriott hotel and was a great success. With around 30 people attending we explained to clients what making tax digital was, how it was going to effect them and more…

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Victor Courdelle
27th March 2018 The Journey That Is MTD

  It is great to see W&P continuing to actively communicate the requirements and challenges of MTD to clients and prospective clients, and this proactive stance should continue throughout the transition to MTD and beyond. The greatest challenge for us in this communication process is the ‘clarity of the message’ we deliver.  What does this…

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Amanda Newman
16th March 2018 MTD is coming

If your turnover is over £85k and you are VAT registered, you now have just over twelve months to ensure you are using HMRC approved accounting software to be able to be able to submit your VAT return. HMRC’s timeline is now as follows:  

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Richard Alecock
10th November 2017 Reminder for all companies ahead of MTD

  The MTD machine is moving along and the starting date of April 2019 draws ever closer and closer.  We have been working with our clients to ensure that those VAT registered (in particular) with a turnover over the VAT threshold are implementing any changes required sooner rather than later so that any teething problems can…

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Richard Alecock
1st November 2017 HMRC no longer accepting credit card payments – January 2018

  HMRC have advised that from 13 January 2018, they will no longer be accepting payments from personal credit cards. HMRC have accepted credit card payments from individuals, but from 13 January 2018, this method of payment will no longer be available. A change in EU law, prohibits merchants (including HMRC) from recharging credit card…

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Mark Burrows
11th October 2017 Making Tax Digital – will free software be available?

  When Making Tax Digital (MTD) was first announced, HM Revenue & Customs said that free software would be available for the most straightforward small businesses.  Under MTD records of business income and expenses will be required to be kept digitally using a software product or app.   HMRC have since provided clarification on which…

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