Making Tax Digital, also known as MTD, is an HMRC digital initiative to make the UK tax system efficient, effective and easier to manage for tax paying companies and individuals.
MTD will legally come into effect on April 1st, 2019, where by all VAT returns will have to be submitted and stored digitally by all businesses who trade above the current threshold of £85,000 annual revenue.
Every business will have to submit their VAT using compatible and approved HMRC approved software. MTD BOOKKEEPING can action this for you with the easiest software solution that ticks all the HMRC boxes and save you time.
HMRC have recently announced that other tax revenues streams, such as income tax and corporation tax will not be converted to “MTD” until April 2020 at the earliest. Please keep a check on MTD BOOKKEEPING web site for further news and updates on these changes.
You can also keep up to date on HMRC digital rules and transformations by following us on all social media channels by searching “MTDBOOKKEEPERS”