From 1 April 2019, VAT registered businesses earning above the current VAT threshold of £85,000 are mandated to keep digital records and submit VAT returns using Making Tax Digital (MTD)-compatible software.
Are you prepared for Making Tax Digital?
MTD means you won’t be able to keep and submit manual records after April 2019. Instead, HM Revenue & Customs (HMRC) will only accept VAT returns sent using software that supports Making Tax Digital for VAT.
The use of this technology is necessary, so it’s a good idea to start thinking about your accounting software now. Xero are an example of a Cloud Software provider, who are providing compatible software for businesses to use come April 2019 for Making Tax Digital.
Gary Turner, managing director at Xero, has met with the Chancellor to confirm that Xero is ready for the launch of Making Tax Digital for VAT in April 2019 – https://bit.ly/2BH1nh1
As certified members of Xero, along with numerous other cloud accounting software providers, we are able to assist our clients and allow them the full benefit of the latest technologies, allowing them to remain compliant with any government regulatory changes.
We are MTD ready and can help your business meet the new VAT obligations. We are assisting our clients with the implementation of digital systems, with digital transformation being at the core of our agenda.
If you would like advice on how to get ready for MTD, or help in choosing an accounts software that will comply with HMRC’s MTD requirements, please get in touch.