Making Tax Digital (MTD) is expected to affect most tax payers at some stage.
- MTD is a Government initiative designed to transform tax administration and inevitably means change is coming
- Any business that is VAT registered and has a taxable turnover of £85k or more will need to submit VAT returns using commercial software from April next year
- If you file your VAT returns yourself and keep records manually, on spreadsheets or older desktop versions of packages like Sage 50 then action is required
- If you’re already submitting VAT returns using QuickBooks online or Xero (or we do them for you) then you already have a system that can comply with the new requirements
- If you aren’t using QuickBooks or Xero already, we’d be very pleased to help you implement one of these systems
- Please do get in touch if you’re unsure whether or not you need to take action.