What is Making Tax Digital?
Making Tax Digital is an attempt by the HMRC to simplify VAT submissions.
It should, in theory, make the process simpler and therefore quicker - leading to fewer mistakes and a lower cost of management.
and less time needed for you to keep on top of your paperwork.
What it means for anyone who is VAT registered, is that the submission process is now managed through HMRC approved vendors such as QuickBooks and Sage Business Cloud.
This means that if you currently complete paperwork, manage your finances in a spreadsheet and submit your VAT returns through the HMRC portal ...
as of May 2019 you will no longer need, or be able, to manage your books this way.
Instead you'll need to find yourself an approved vendor and begin familiarising yourself with what it costs, how it works and what change it will have to how you currently manage things.
But if you'd like to shortcut this, then we'd be happy to discuss with you the best way to get yourself ready and compliant before May 2019.
By bringing us in, you'll find the journeyto become Making Tax Digital compliant is a smooth one - and likely to cost you far less time and money.
In this Making Tax Digital blog series, I'll go into more detail about:
Who MTD is for
When MTD is happening
How MTD will affect you
Why MTD is happening
What your next steps should be
But if you'd like to find out the best way to approach Making Tax Digital now, then please get in touch.