Making Tax Digital
Are you ready for the April 1st 2019 deadline? If you are a VAT registered business with a taxable turnover of £85,000 you must keep digital VAT records & use specific software that is compatible with the new HMRC making Tax Digital requirements
Making Tax Digital (MTD) is a government initiative that will change the way businesses maintain their tax records and the software they use to send tax returns.
The deadlines for sending VAT returns and making payments are not changing, including for monthly, quarterly and annual VAT return schemes, but businesses will have to keep digital records and send the returns to HMRC using MTD-compatible software for VAT accounting periods that start on or after April 1st 2019. This also applies to businesses that operate the Flat Rate Scheme for VAT.
Do you use spreadsheets for your business records?
A spreadsheet can be used to calculate or summarise VAT transactions to arrive at the return information you need to send HMRC.
If you use spreadsheets to keep business records, you’ll need MTD-compatible software so that you can send HMRC your VAT returns and receive information back from HMRC.
Get ready now – Find out what is right for you, contact firstname.lastname@example.org