Are You Prepared for Making Tax Digital?
Previously most businesses were to be included within the move to MTD by April 2019. This has now changed. Here are your key dates:
Public beta of MTD for VAT. Affected businesses can optionally take part using compliant software.
From April 2019
MTD for VAT becomes mandatory. VAT registered businesses with a turn over above the VAT threshold (currently £85,000) will need to keep digital records for VAT purposes, using MTD compliant software.
April 2020 at the earliest
Earliest potential date for other businesses being asked to keep digital records or update HMRC quarterly for other tax purposes, pending further government announcements.
Prior to April 2020
Voluntary submissions for income tax will be accepted, although once again firm dates are yet to be made available.
Following implementation of MTD for VAT in April 2019, HMRC will not provide you with tools for digital record keeping and submission for VAT.
Are you prepared for MTD in your business?
Lets meet up for a coffee to discuss the steps you need to take and get a plan in place?