Making Tax Digital
We are one year away from Brexit, but our focus over the next twelve months will be ensuring our clients meet the new government requirements on Making Tax Digital (MTD).
From April 2019, VAT registered businesses (including companies, self-employed and landlords) with turnover above the VAT registration threshold (currently £85,000) will have to:
- keep their records digitally
- provide their VAT return information to HMRC through Making Tax Digital compatible software
MTD means that almost all VAT registered businesses will have to update their software, or move to compatible software in the next 12 months.
Although the Statutory Instrument was laid before the House of Commons on 28th February 2018, we are working out the practicalities given that the changes are technology focused.
Rest assured that this is a priority for Jack Ross. We are one of a handful of firms in the country who have joined the MTD pilot scheme with HMRC and we are working very closely with our software suppliers to ensure that we are at the forefront of this change.
We will keep you updated, but if you have any questions in the meantime, please contact us on 0161 832 4451.