Making Tax Digital - Is your business ready?
Making Tax Digital (MTD) for VAT makes it mandatory for VAT-registered businesses above the £85k threshold to keep records and submit VAT returns digitally using compatible software. HMRC lists a number of accounting software packages that are compatible with MTD for VAT. This came into affect in April 2019.
MTD is an HMRC initiative designed to make sure the UK tax system is effective, efficient and easier for taxpayers.
The Federation of Small Businesses (in conjunction with Markel Tax on behalf of Markel Law) has produced a fact sheet to download, giving advice upon the steps business owners needs to take. For those additional questions, click here.