Making Tax Digital (MTD)

As a VAT-registered company with turnover above the £85,000 threshold there are major changes coming from HMRC that will affect your business.

Why act now?

Making Tax Digital means that from April 2019 we’ll need to submit your VAT Returns through compatible software and keep digital records of your accounts.

Making Tax Digital for VAT comes into effect from 1st April 2019, business owners need to prepare early to avoid being caught out.

Chris Wallace, Visionary Accountants
St Albans

Why act now?

MTD is a programme that will affect every accountant and bookkeeper and all UK businesses as well as many individuals over the next 5 years.

It has been designed to reduce the tax gap and administrative burden.

MTD is about much more than VAT, which is simply the first step on the road to full digitisation of tax. 

In summary:

  • April 2019, VAT Registered businesses with a taxable turnover above the VAT Threshold will need to submit VAT Returns online
  • VAT Returns will need to be filed via commercial software
  • Businesses will need to keep digital records for VAT
  • Point based penalty
  • Other returns 2020 at earliest

Visionary Accountants have already adopted the latest technology solutions and compatible software to ensure your road to MTD is a smooth and successful one.

Please do not hesitate to contact us to discuss how we can help you manage your transition to digital tax.

Xero Making Tax Digital

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Our team of Accounting & Bookkeeping experts will be happy to meet with you to discuss your business requirements. Complete the form below or call 01727 730550 to arrange your FREE initial consultation.

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