Making Tax Digital (MTD) has been introduced by HMRC to help individuals and businesses to get their tax right and transform tax administration.
WILL IT AFFECT ME?
In April 2019, MTD was introduced for VAT-registered businesses with a turnover of £85,000 and above.
However, from April 2022, all VAT-registered businesses will be required to go digital and use a compliant software to keep digital records and make VAT submissions to HMRC.
Making Tax Digital for VAT applies to all VAT-registered businesses
Making Tax Digital for Income Tax applies to self-employed businesses and landlords with annual business or property income above £10,000
Making Tax Digital for Corporation Tax may come into effect
ARE YOU VAT-REGISTERED AND HAVE A TURNOVER OF BELOW £85K?
If so, by April 2022 all your records will need to be digital, and you will need to make VAT submissions to HMRC.
We recommend using QuickBooks as your MTD software for your business.
As an accredited QuickBooks Gold ProAdvisor, we can help you choose the right subscription for your business and offer training to help you use QuickBooks. We will have remote access to your accounts, to make sure everything is working correctly, being recorded properly, and rectify any errors.
Even better, we can save you up to 40% OFF your QuickBooks subscription package!
WHAT DO YOU NEED TO DO?
Unless you're exempt from Making Tax Digital for VAT,you’ll need to comply by April 2022. That means signing up for MTD and using a compatible software package (such as QuickBooks) that connects to HMRC systems.
Get in touch and we will digitalise all your accounts and records and process your VAT submissions to HMRC.
If you are using a software already or your records are online, we can check if the software you are using is HMRC compliant, check if there are any errors and ensure everything is digital and running smoothly to avoid penalties.
Take the pressure off by getting up to speed well ahead of the deadline, whilst saving hours of admin time every month.