Making Tax Digital

Making Tax Digital

HMRC’s vision to digitalise the UK tax system is underway. The transformation has started with Making Tax Digital (MTDfV) for VAT from April 2019.

The essential elements of MTD are:

• Businesses and organisations (which includes those with income from property) will be required to maintain digital accounting records. Maintaining paper records will cease to meet the legal requirements in tax legislation
• Businesses and organisations will be required to use a functional compatible software product to submit their returns to HMRC. The software will use HMRC’s API (Application Program Interfaces) platform to submit information to HMRC. The current HMRC online tax return services will be withdrawn for those within the scope of the MTD rules.

How can we help?

MTD may sound daunting, but as accountants and business advisers we are here to help your business be ready and fully compliant with these fundamental changes. We can:

• Help you assess your current VAT returns process to establish what you need to do to be compliant.
• If you need to buy approved accounting software, help you understand which package is right for you, as well as helping you with the installation and training.
• Provide you with outsourced bookkeeping service so that we can keep your records and file VAT returns on your behalf.
• If applicable, help you assess if you need to apply to HMRC for an exemption.

If you would like to meet to discuss the Making Tax Digital services which we are able to provide, please contact our team on 01392 258553 or 01395 279521 to find out more or arrange a free initial meeting.