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Suffolk: +44 (0) 1473 659777 - London: +44 (0) 207 1251311 - Email: email@example.com
Making tax digital (MTD) is a raft of changes that will result in taxpayers having to keep their business accounting records electronically and filing returns electronically to HM Revenue & Customs linked to these accounting records. The deadline for starting Making Tax digital is any VAT returns due after 1 April 2019 so there are only 8 months until business owners must start keeping their records electronically and making electronic submissions.
All businesses who are required to file VAT returns, i.e. With annual taxable turnover in excess of £85,000 will need to comply with Making Tax Digital. If the business has voluntarily registered for VAT with a threshold below £85,000 then they can still file VAT returns by going onto HMRC website and logging into their VAT account and filing the return as before.
All of these businesses will need to now review the software and processes they use to file their VAT returns to ensure compliance with the new regime.
The transition from the current filing arrangements for VAT purposes to Making Tax Digital will be different for every business dependent upon the systems and software they currently use.
Beatons can assist in the transition process with a number of options
In part 2 next month we will cover more on the penalties that HM Revenue & Customs will impose for failing to comply and a few ideas on how to cope with the practical issues moving to Making Tax Digital will cause.
In the meantime if you are concerned on how these changes will affect you please contact firstname.lastname@example.org or call 01473659777 to arrange a meeting or visit our website www.beatons.co.uk/makingtaxdigital
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