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Making Tax Digital

Making Tax Digital

The first to be affected will be small businesses and individuals with a turnover above the VAT threshold of £85,000, who will be required to keep digital records for VAT purposes from April 2019.

To comply with Making Tax Digital (MTD) businesses will need to keep digital accounting records and provide that digital information to HM Revenue & Customs (HMRC).

HMRC have stated a number of reasons why they are introducing MTD; of which the most pertinent are: reducing human error from data input and timely provision of data.

In 2020; further roll out of Making Tax Digital is expected to affect small businesses under the VAT threshold.

Therefore; business owners will need to manage their business records digitally with software that can communicate directly with HMRC software.

If you would like us to help you through these changes then call us today on 0770 305 7050 or email us to arrange a free initial consultation.

The information provided above is based on current guidance from HMRC and may be subject to change. Please consult with us before taking any action.

29/05/2018