You may have heard ‘Making tax digital’ a few times now – but do you know what it means for you and your business?
With the first stage taking place from April 2019 we all need to be prepared. This will affect VAT returns for companies above the VAT threshold of £85,000, and will involve digital submission to HMRC. The only way to do this is by using up to date accounting software such as Sage and Quickbooks (more providers are available). It will no longer be an option to file a return on line, so you will need to consider how your business is going to comply with the new rulings. So, if this affects your business and you are unsure if your software is compliant, then it may be time to talk to a professional
Why not get in touch with us at MVH for a chat to discuss your options
And remember this is only stage 1 – Over the next couple of years HMRC plan to roll this out for all tax submissions