Over the last few months, you won’t have escaped the news surrounding Making Tax Digital (MTD). It’s the government’s plan to transform the tax system and move it online. HMRC estimates that the tax gap stands at £33 billion, which is attributed in some cases to technical errors from SMEs, and it’s hoped that MTD will reduce this gap.
Are you affected?
From 1 April 2019 all VAT registered businesses, who have a turnover of £85,000 or above will need to automatically submit their returns to HMRC via MTD compatible software.
What do you need to do?
You may already be using compatible software however if you’re not, you’ll need to make the move to a platform that’s compatible with the government gateway. We recommend either Xero or Sage.
We appreciate this may sound a little daunting, so we’re running four complimentary sessions to help you make the move and get ready for 1 April 2019. We’ll be covering MTD and how to prepare and submit your VAT return as we know the whole thing may be new to you. Sessions take place on Thursday 7 February, Tuesday 19 February, Thursday 7 March and Thursday 21 March, all from 9.30am to 12.30pm. If you’d like to come along, please book your place here.