23/01/2019
Making Tax Digital – is your business ready for the April VAT deadline?
Are you confused by HMRC's Making Tax Digital (MTD)? What does Making Tax Digital really mean?
Making Tax Digital is also known as making VAT digital. In just 3 months time April 2019 all businesses with a turnover over the £85,000 VAT threshold will be required to file VAT returns through software that is compliant with the scheme.
1. If your turnover exceeds the VAT threshold of £85,000 you will no longer be able to file your VAT returns via the HMRC portal. They will need to be filed via Making Tax Digital compliant software.
2. The information you are required to provide will not change
3. How often you file your return will not change
4. If you are already using compliant software you will need to ensure you are using an up to date version as most older versions will not be compliant.
5. Do not wait till the last minute to make these changes, whilst we anticipate some tolerance from HMRC initially, there will be penalties for non-compliance in the future.
If you need any further information please get in touch and we can help make sure you are ready for the changes!
