Making Tax Digital (MTD)

From April 2019, small businesses with a turnover over the £85,000 VAT threshold will be required to keep digital records. Businesses under the VAT threshold will be obligated to comply by 2020 at the earliest.

The aim of the system is to allow a more streamlined method of maintaining and submitting information to HMRC. HMRC also wish to provide you with a more comprehensive view of your own finances, by showing you what your entitlements and liabilities are, helping you to plan and budget better.

Information will be required to be submitted to HMRC quarterly, which will mean that there will not be a change in the number and timing of submissions for businesses over the VAT threshold.

Accountorium can help you meet the requirements for compliance of Making Tax Digital, helping you get up to speed ensuring a smooth transition to the new system. Unfortunately, HMRC will not be offering any software to help you with compliance, however, we will be able to guide you every step of the way. We will also prepare the information that is required to be submitted, ensuring that your returns are accurate and claiming all available reliefs.