Making Tax Digital (MTD) is just around the corner – and businesses of all shapes and sizes need to make sure they are prepared.
From April 2019, VAT-registered businesses earning above the £85,000 VAT registration threshold will need to be fully MTD-compliant. This means keeping and maintaining digital records via MTD-friendly software and submitting VAT information to HM Revenue & Customs (HMRC) online.
MTD will be rolled out for other taxes and types of businesses shortly afterwards – so it is important to ensure your business is ready today.
Are you ready for Making Tax Digital? Watch our video:
What is MTD?
Making Tax Digital is HMRC’s plan to digitally overhaul the UK’s tax reporting system.
By 2020, the Government has decided that HMRC will be “one of the most digitally advanced tax administrations in the world” – which is why MTD is being rolled out as mandatory for VAT reporting from April 2019, with other taxes shortly to follow.
The transition will significantly change the way your business operates – as tax returns, payments and financial records will all need to be carried out online using HMRC-approved software packages.
Fortunately, Glazers Chartered Accountants are here to help ensure that your transition goes as smoothly as possible.
How can we help?
At Glazers, we believe that preparing for MTD in advance is the best step to a smooth transition.
Our team are encouraging clients to get to grips with cloud accounting ahead of MTD’s introduction, which will enable them to start storing, managing and processing their accounting information online today.
Here at Glazers, we can support clients with all cloud accounting systems. However, we also offer our very own online accounting solution, Online50 Accounting.
For more information about Glazers’ Online50 Accounting, please click here.
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