What is Making tax Digital (MTD)?
Making Tax Digital (MTD) is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs as well as transforming HM Revenue and Customs (HMRC) into a world leading, digital tax authority.
Who will this effect?
Only businesses with a turnover above the VAT threshold – currently £85,000 – will have to keep digital records and only for VAT purposes
What does this mean for your business?
If you submit VAT manually through the post or online (using the existing Government Gateway tool), you will have to integrate commercial accounting software into your business before April 2019 as these forms of submissions will no longer be accepted by HMRC.
How can Harrison Hinchliffe & Co help me stay compliant?
We have a dedicated team that will get you onto a MTD compliant system that suits your needs and either train you how to use it or we can do the work for you – the choice is yours!