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MTD Countdown

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MTD Countdown

Since the Personal Tax return deadline is now out of the way, the countdown is on for the Governments new digital reporting system to open.

 

This officially starts for vat registered businesses on 1st April 2019 with the main initiative of this to make the reporting process for taxes simpler and more efficient.

All vat registered businesses, with a turnover of over£85,000 will be LEGALLY required to digitally record their books and file their vat return using MTD compliant accounting software.

 

With HMRC stating that they will not be offering software to help small firms to comply with this, it is now imperative that if you are a business that falls into the MTD Category come April 19, and your business is still only using spreadsheets, cash books or non-compliant software, you will either need to change your systems, invest in new software but most importantly ask your accountant to help you meet your obligations.

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