Are you ready for the Making Tax Digital (MTD) revolution? MTD was first introduced in 2019 for VAT. It is the latest HMRC initiative to digitise the tax administration system. Changes for income tax and corporation tax will now follow.
So What Changed on 1 April 2019?
All VAT registered businesses with a turnover in excess of the VAT threshold (currently £85,000 a year) became required to keep business accounting records in an electronic format. They also became required to submit future VAT returns electronically using connected software. The option to use the Government Gateway for submitting VAT returns ended.
This was just the first step of MTD. Subsequently, you will be required to submit quarterly returns of ‘real time’ business accounts. This will effectively be the delivery of quarterly accounts to HMRC in addition to annual accounts, and will require up-to-date electronic accounting information to be available throughout the year.
Act Now, We Want to Help
To make these reporting changes as smooth and painless as possible, we want to assist you and your business to transition from existing book-keeping and accounting processes to digital connected accounting software (ideally, cloud hosted). Acting now will ensure everything is in place, tried and tested, all in good time.
Read our latest MTD blogs below and keep up with the most recent developments as well as our newsletters and events created to keep you up to date with the MTD journey.
Our latest Making Tax Digital newsletters can be found below –
1st issue – Are you prepared?
2nd issue – Making Tax Digital or Making Tax Difficult?
3rd issue – On hold for new Parliament
4th issue – A reminder
Whitings have looked after our shop business for many years, helping with payroll, VAT and general taxes. They always have an eye on improving the business for the future.