HMRC have introduced something called Making Tax Digital or MTD, and did you know that from April 2019 VAT registered businesses with a turnover above the VAT threshold have to keep digital records and submit VAT returns digitally too? This means submitting VAT figures in a format that HMRC will accept and, making sure that your business is signed up to the new format.
About to reach the VAT threshold?
Are you thinking about registering for VAT in the near future or feel that you may be about to cross theVAT threshold? Then now is the time to get your business “MTD” ready and benefit from a smooth transition.
Got your head in the cloud?
If you’re working with a bookkeeper or accountant using cloud accounting for your business, then you are already well on the way to becoming MTD compliant. If not, there’s no time like the present to get yourself on the right track!