You’ll need to be ready for HMRCs Making Tax Digital initiative and to handle your tax records digitally from the 1st April.
Thousands of SMEs are signing up for Making Tax Digital each day, but at the beginning of March over million businesses only had one month to go to get signed up and use the software.
Most UK VAT registered businesses with more than £85k p.a. turnover must subscribe to the new Making Tax Digital initiative (MTD) regime for VAT return submissions falling due from 1 April 2019. This means they must have a computer system allowing them to:
· Keep records in a digital form;
· Create a VAT return from the digital records, and
· Submit this information digitally (no more manually typed
submissions will be possibl
The new MTD service will give you a more integrated approach to tax.
For SMEs over the VAT threshold, you will need to be to digitally submit your records and submit VAT returns using MTD-compatible software.
HMRCs scheme is designed to give you more control over your finances, so that you can spend more time on growing your business, well that’s the theory. It could also be a way on HMRC being able to collect taxes much earlier, we shall see.
With our help we think it’s fair to say that you should be spending less time on administration. We also know that MTD should make it easier and simpler to get your tax payments right every time. It’s all part of the government’s #Smartergov campaign, which was launched to drive innovation through the public sector.
There are many aspects to this new regime. So if you are not prepared, or not quite sure which online accounting software to use, or simply want to ask us questions, at no cost to you, then get in touch HERE