As per previous information we have shared, Making Tax Digital IS happening for VAT registered business. However the start date effecting your business is dependent on your VAT Quarter end date.
Even so, the start date(s) are fast approaching and if you are not already using digital software to prepare your VAT returns then the option of using the HMRC portal will disappear for quarters commencing 1st April 2019, May 2019 and June 2019 (depending on your VAT Quarter end) – just 5 months away for some of you!
What does MTD mean for your business if you are not yet using a digital software? Well, HMRC are insisting on MTD compliant software being used to submit VAT returns from April 2019, which will allow HMRC to interact with the information provided in the VAT return. In reality it provides a real time view of your business’ financial position and HMRC hope this will improve the accuracy of information provided to them to prevent the loss of revenue to the Treasury. It also means that not only are your records submitted digitally, but the supporting information is also required to be stored digitally.
Want to know more? Then join us at our Making Tax Digital Saturday Surgery on 3 November 2018 from 9am to 12pm to discuss your business’ options – click here to reserve your place.