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ARE YOU MTD (MAKING TAX DIGITAL) READY?

There is a lot of hype surrounding MTD which isn’t necessary. Let us help you make the change easily and cost effectively.

Making Tax Digital (MTD) will be introduced 1st April 2019 for VAT registered businesses with a turnover above £85,000

1st April 2019

MTD Key Points:

  • MTD for VAT comes into effect 01/04/19
  • You will no longer be able to file VAT returns using your Government Gateway from 01/04/19 – you will need to be MTD compliant
  • It is not necessary to change to new software now – contact us for our interim solution

What is Making Tax Digital?

MTD is new legislation HMRC are bringing in to digitalise the tax system. The aim is for businesses to record their accounting data in a compliant manner giving HMRC the ability to analyse the reports sent to them from the software and keep better track of taxes due. This process will begin with MTD for VAT on 1st April 2019 and in the coming years will include most businesses whether Self Employed or Limited.

What will it mean for you?

There is a lot of information out there around about how Making Tax Digital will affect your business. The key difference that MTD introduces is the need for businesses to submit their data via MTD compliant software. This doesn’t have to mean changing software now as there are other ‘bridging’ solutions available. Bridging is a temporary fix that allows the business to become MTD compliant for the next 12 months without major changes to your current system.

If you would prefer to go the route of this temporary fix at present please let us know and we can organise this quickly and cost effectively for you. If you wish to convert to a digital package now please see below.

How can we help?

We have been working with many of the leading software providers so that we are able to offer a cloud accounting solution to each of our clients that is tailored to suit their business and situation. Typically we take our clients through a number of steps starting with a free demo of the new digital accounting software, software setup and then training. After the training is completed we are always here to support and answer queries as they arise so that you are never left in the dark or out of your depth. It is also worth noting that the new software often has more capability and is less expensive than well established solutions.

If you have any questions about MTD or would like some advice on your options then please feel free to contact us.

 

MTD ready