MAKING TAX DIGITAL

Making tax digital (MTD) is the latest initiative from HMRC to streamline the UK tax system.

From 1 April 2019 all UK VAT registered businesses with a taxable turnover above the VAT registration threshold (currently £85,000) will be required to keep digital records for VAT purposes and VAT Returns must be submitted through MTD compatible software.

MTD requirements are expected to be extended to income tax and corporation tax from April 2020.

What do you need to do?

You need to ensure that your accounting records comply with the MTD requirements and that you have accounting software which will enable you to submit your VAT Returns from 1 April 2019.

PATTON RAINEY AND ASSOCIATES are committed to making the transition to MTD as easy and seamless as possible for our clients.  Please contact us if you wish to discuss what steps you need to take or require our assistance with book keeping and VAT submission.

If you currently use computer software you should check with your software provider that they are ready for the changes which are coming.