Countdown to Making Tax Digital

Making Tax Digital is the Government’s drive to bring the UK tax system into the digital age.

The countdown is on, but the timetable has been relaxed recently so that only VAT will require digital submissions in 2019.  From 2020, most business-owners, self-employed people and property landlords will be required to file quarterly reports online.

Countdown to Making Tax Digital

From April 2019, all VAT registered businesses with turnover above the VAT threshold will be required to maintain digital records and to file their VAT returns using third-party commercial software.  If you file your VAT return using HMRC’s gateway and free online portal, you need to be aware that, that service will remain available only to those businesses registered for VAT on a voluntary basis.

Spreadsheets have been an essential tool for accountants and bookkeepers for decades, but they will be inadequate for MTD.  In most cases, businesses will need to choose between the vast array of commercial software which is available.

Now is a great time to consider how well your financial systems work for you. We can help you prepare for MTD and we can help you to build great systems and to choose the right software for your business.