Latest Overview on Making Tax Digital
HMRC’s vision to digitalise the UK tax system is now well underway. The process is due to start in April 2019 with VAT registered businesses with turnover exceeding the VAT threshold (currently £85,000) being required, from this date, to use commercial software to maintain their VAT records and send their VAT information to HMRC.
Pilot testing has started for submissions through certain software packages and although only a few hundred businesses to date are taking part in the pilot scheme this is expected to gather pace over the next few months as more and more software houses sign up clients for their software to be tested against HMRC systems.
How to Prepare Your Business for Making Tax Digital
Income Tax and Corporation Tax
Whilst latest murmurings indicate a potential delay in the implementation of MTD for income tax and corporation tax returns, from the initial state date of April 2020, this is yet to be confirmed by HMRC.
Software houses are continuing their development programme for this change and as with MTD for VAT pilot schemes are underway.
The clock is ticking…
These hugely significant changes to the way businesses and individuals report tax will be here before you know it, so it is important to get up to speed now and make the required changes in plenty of time.
At Moore Thompson we are here to help our client’s ensure they are as prepared as possible for the changes ahead both by keeping you up to date with the latest developments as released by HMRC, and the software providers, but also in providing you with new and improved online accountancy software and bookkeeping options through our MT Cloud Accounting options.
To keep up to date with the latest MTD news register now for our weekly MTD blogs.
To find out how we can help your business comply with Making Tax Digital, please contact our tax team now.
To find out more about our online accountancy services, please visit our MT Cloud section of the website.