VAT
HMRC’s vision to digitalise the UK tax system is now well underway. The process started in April 2019 with VAT registered businesses with turnover exceeding the VAT threshold (currently £85,000) being required, from this date, to use commercial software to maintain their VAT records and send their VAT information to HMRC.
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.
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 helping clients to get to grips with cloud accounting for MTD, which enables them to start storing, managing and processing their accounting information online today.
For more information, contact us on our 020 8458 7427.
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