HMRC’s plan to introduce Making Tax Digital (MTD) will affect nearly every business and individual taxpayer by 2020. This bold initiative sets out a vision for a digital tax system to make record-keeping for businesses and individuals more accurate and up-to-date
The first phase of MTD going live started on 1 April 2019 for most businesses submitting their VAT returns for the quarter ending 30 June 2019.
MTD is designed to store and file all tax records electronically. Taxpayers and HMRC will in turn have access to an audit trail of the records behind tax submissions. HMRC will not be providing software and the responsibility falls on the taxpayer to become compliant with the new reporting regime. If you use spreadsheets to keep business records, you’ll need MTD-compatible software so you can send HMRC your VAT returns and receive information back from HMRC. Bridging software may be required to make spreadsheets MTD-compatible.
Businesses with a turnover above the VAT threshold will be required to use Making Tax Digital for Business (MTDfB) system from April 2019 to meet their VAT obligations. It is not mandatory for businesses with a turnover below the VAT threshold, but they can choose to use the system.
Whether you are an individual, a partnership, or an incorporated company, Adepta offers a full service from looking after your digital accounts to giving advice on what steps to take to get in line with the new system.
The services and information we provide includes:
- Timetable of actions required for each type of business
- Setting up your digital account
- Advice and training on software, including spreadsheets
- Managing your digital account
- Compliance with the new requirements
Adepta currently works with a variety of software providers and we can recommend the software that most suits your business needs.
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