We have just got over the January madness and now we have to get ready for Making Tax Digital
The first phase of Making Tax Digital (MTD) will go live from April 2019. It’s a hot topic in the tax and accounting industry and for good reason. This it will be the most fundamental change to the UK tax system since the introduction of Self-Assessment.
From 1 April 2019, VAT registered businesses with taxable turnover above the VAT registration threshold will be required to transition to MTD, keeping records in digital form and filing their VAT returns using software. HMRC has recently published VAT Notice 700/22 which reveals more about their plans for MTD for VAT.
Many businesses will be getting the dreaded brown envelope from HMRC telling them the above information, the first thing is don’t panic. At Accounting On Us we are all ready for this change. Are you still submitting your VAT via the HMRC website? Do you still use spreadsheets? You will need to make some changes to the way you submit your information to HMRC.
Please do not leave it until April to try and find a solution, start making the changes now
If you feel you need some help and advice please contact us and we will be happy to help.