HMRC is embarking on an ambitious plan of Making Tax Digital (MTD). The aim is for everybody to have a digital tax account that is periodically updated.
Will MTD affect me?
Starting in April 2019, all VAT registered businesses with a turnover in excess of £85,000 will be obliged to comply with MTD, and will therefore be required to do the following:
- Keep records in a digital format as required by the new regulations
- Create a VAT return from the digital records in MTD compatible software and provide HMRC with this information digitally
- Provide HMRC with VAT data on a voluntary basis
- Receive information from HMRC via the API platform in relation to your business’s compliance with obligations under the new regulations
How should I prepare for MTD?
For businesses affected by MTD contact a member of the Gibson Booth team and we will provide all the necessary help and support to ensure you are MTD compliant.
To get in contact email info@gibsonbooth.co.ukor call 01226 213131