Are you ready for MTD for VAT from April 2019?

The new Making Tax Digital (MTD) programme will be introduced in April 2019 to bring a significant change to the way VAT returns are submitted to HM Revenue & Customs (HMRC) by businesses with annual turnover exceeding £85,000.

Businesses will need to submit their quarterly VAT returns on a basis using a ‘designated software package’, as part of the first stage in the implementation of the MTD programme, which is intended to take the filing of most taxes online in the coming years.

Keeping digital records and making quarterly updates will not be made mandatory for taxes other than VAT before April 2020 at the earliest.

We strongly recommend to clients, especially those using paper based reporting systems and excel spreadsheets, that they consider some of the leading cloud accounting packages such as Xero or Quickbooks.

These packages will not only ensure that you are MTD compliant in the coming years, but they also enable you to share financial information with us in real time, as well as efficiently making your business digital by enabling you to quickly produce bills & invoices and effortlessly importing bank transactions in their software

Please visit the ‘Cloud Accounting’ section on our website with links for more information.

However, before making the move to any accounting package, we strongly recommend that you contact us so that was can assist you with choosing which option would be most suitable for you and your business.