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Are you ready for Making Tax Digital?
What is Making Tax Digital?
Making Tax Digital (MTD) is a compulsory plan to modernise the tax system. The government is changing the way VAT registered businesses create and submit their VAT returns.
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Who does it affect?
MTD affects businesses above the £85,000 VAT threshold. If that’s you, you’re required to file your VAT returns electronically using accounting software and are obligated to keep a digital record of your transactions.
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When does MTD start?
As of 1 April 2019, businesses with a taxable turnover above the £85,000 VAT threshold are required to file their VAT returns electronically.
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What does it mean?
MTD is designed to make the UK tax system effective, efficient and easy for taxpayers.
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What do I need to do?
The first step is to talk to us. We can chat through what you need to do (in plain and simple English so you understand your requirements). As an accountant, we’re in the best position to help you through this.
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You must have accounting software that is compliant with MTD for VAT. Talk to us to find out if yours is suitable. As Xero Partners, we recommend Xero as HMRC has listed Xero as compatible.
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Making Tax Digital is easy with Xero
Xero’s MTD solution for VAT is live and fully compliant. If you’re not currently on Xero, we can help you get started easily.
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What’s next?
Talk to us today! The MTD process doesn’t have to be overwhelming, we can make it a whole lot simpler for you.
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We understand just how hard it is to run a business, deal with customers and manage employees, you don’t need the added stress of not being compliant.
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Call us on (phone number) or email (email address) to find out more.
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