The Making Tax Digital (MTD) deadline is approaching and will come into force on 1 April 2019. If you are going to be affected, then you may have received a letter from HMRC and if you haven’t yet then you will be very soon.
At the moment, it applies to VAT-registered businesses with annual sales of £85,000 or more. As accountants we want to make sure that as many people as possible are aware of the changes that are coming.
What is Making Tax Digital?
You are probably aware from the constant radio adverts that Making Tax Digital is about moving your accounting records into digital software.
You should know that the software must comply with HMRC systems, it cannot just be an excel document.
HMRC announced that only 12% of businesses use software to submit their VAT returns. This means that over 1.8 million people are not ready for Making Tax Digital.
What will happen if I’m not ready for MTD?
If your business is not ready for MTD then you will be faced with some problems as you must be submitting your VAT returns via MTD software from April 2019.
If you do not submit your VAT returns through MTD compliant software, then you will be fined.
How can we help you?
We are already ahead of the game as we already submit our VAT returns through MTD compliant software.
We have made it our goal to be experts in the MTD field and to make sure that as many business owners as possible are compliant.
We understand what you need to do for MTD and we would be happy to help you on your journey.
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If you’d like a meeting or a Skype call to discuss this, please get in touch with your favourite Liverpool accountant
• You can ring us on 0151 380 8080
• You can email us at firstname.lastname@example.org