Making Tax Digital is regarded as one of the largest changes to the administration of the tax system in the UK in recent years. However, with less than a year to the introduction of Making Tax Digital for VAT implementation date of 1 April 2019, a recent survey carried out by the British Chamber of Commerce highlighted that 24% of UK businesses had little or no awareness of the MTD project, whilst 66% of the respondents claimed that they knew MTD only by name, or some details about it.
The Making Tax Digital for VAT regime comes into effect from 1st April 2019 and is compulsory for VAT registered Businesses with turnover above the VAT threshold of £85,000. From this date you will be required to keep and maintain digital records for your business, ideally through cloud accounting software, as well as submit your VAT return electronically to HMRC rather than using the HMRC VAT portal.
If you have not yet started planning the switch over for your business, or you simply would like some more information then Simpkins Edwards will be running a series of seminars in Bovey Tracey, Exeter and Okehampton in September to explain the requirements and the timescales involved. We will also provide an opportunity for you to have a look at cloud accounting software provided by Quickbooks, Xero and Sage to ask questions to our staff on this software.