Making Tax Digital… What you need to know

tax

With ‘Making Tax Digital’ (MTD) fast approaching we would like to remind our clients that we are taking necessary action to ensure everyone will be compliant.

From April 2019 all VAT registered businesses will need to be MTD compliant. This means that records must kept in a digital format and VAT returns are submitted through an MTD compatible software. For those of you using cloud-based software such as Xero, Quickbooks or Sage One, you will already be MTD compliant.

If you do not keep your records in a digital format, don’t panic, we will upload the records accordingly. If you’ve been thinking about making the move to a cloud-based software but you’re unsure of the options or want some general advice, please feel free to give us a call in the office.

HMRC (in their generous manner) have confirmed that there will be a ‘soft landing’ period of 12 months where they will not impose financial penalties against businesses who do not fully comply with MTD.

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