If you haven’t heard of HMRCs new initiative, Making Tax Digital (MTD). Click here to see our introduction article on digital tax.
As of 1 April 2019 all VAT registered businesses will be required to participate in MTD. The current online portal for VAT submissions will no longer be accessible.
Therefore the first period for which the rules apply is the period covered by the return starting on or after 1 April 2019.
For example, if your quarterly return starts on 1 March 2019 your first MTD return will be for the quarter ending August 2019.
However, if your quarterly return starts on 1 May 2019 your first MTD return will be that quarter.
Ultimately, this means that at the new tax year your VAT registered business will be required to keep and submit business records digitally.
If you don’t use software or your software isn’t compatible with HMRC, you will need to find one that is. Ask us how we use Xero to help our clients comply with MTD and much more.
We have the tools and experience to tackle this new era of tax accounting head on. Contact us today to find out more about Making Tax Digital.
Alternatively, use our instant quote tool to find out how affordable we are!