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 4 – Making Tax Digital… a reminder
September 2017 – MTD Leaflet