Making Tax Digital
VAT is changing. HMRC’s Making Tax Digital for VAT comes into effect from April 1st 2019 meaning many UK businesses must change how they prepare and file VAT returns. For those affected:
- HMRC’s online VAT portal will close from April.
- VAT returns must instead be submitted to HMRC through MTD software.
- Businesses must digitally record their VAT transactions and returns using MTD software.
While the majority of business currently use the Government gateway to file their VAT returns, they are manually entering the information. If your business is submitting VAT returns in this way, then you are not MTD compliant.
Making Tax Digital is widely regarded to be the most significant change to the UK tax system in a generation, and with April 2019 drawing closer, now is the time to be ensuring you are ready. If you haven’t had a discussion with an accountant about MTD yet, why not get in touch with us to discuss how it will affect your business.
We believe that keeping digital records offers many advantages for business and we are able to offer support and advice, working with you to make sure you’re ready for the MTD changes. We can help identify the software solution which will work best for your business and provide ongoing support to make sure the transition is effortless.