Making Tax Digital
Making Tax Digital (MTD) for Business was introduced on April 1st 2019 for all VAT registered businesses with a turnover above the current VAT threshold of £85,000.
MTD is being phased in to move all tax payers to a fully digital system. Under this, all businesses and individuals will be required to register, file, pay and update information via a secure online account.
Businesses must keep digital records for VAT purposes and use MTD compatible software that meets HMRC requirements. The use of manual spreadsheets is not allowed. Also, some accounts software is not automatically MTD compatible, and an upgrade of a system is necessary.
We can offer you advice to help you upgrade your software to ensure you are MTD ready. We also offer training to ensure that you can use the new software.
Contact us if you have any questions.