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What is it?
Making Tax Digital (MTD) is an HMRC initiative to make it easier for individuals and businesses to get their tax right. The first stage of this overall programme is Making Tax Digital for VAT. For most businesses Making Tax Digital for VAT begins on 1st April 2019.
How does it affect you?
VAT-registered businesses with taxable turnover above the VAT registration threshold (currently £85,000) will be required to keep digital records and submit VAT returns using compatible software to HMRC.
What are Back Office Support Services doing to help our clients?
• Actively monitoring HMRC guidance and technical updates as they are released.
• Working closely with external advisors and subject matter experts.
• We’ll do our bit by providing you with the digitised information you’ll need to ensure your own compliance.
• Over the coming months we will be working to ensure timely delivery of information and service before the implementation date.
• As always, we are committed to keeping our clients informed
What do you need to do?
• Speak to your accountant for individual advice.
• Speak to your software provider (if relevant) to ensure their software is compatible.
Further general information is available on this short HMRC video
In the meantime, if you’d like to talk to one of our team call us on 01260 280 290