28 January 2019
Are you ready for Making Tax Digital (MTD)?
With less than three months to go, businesses who earn over the VAT threshold of £85k, need to act now to avoid legal action. MTD is HMRC’s plan to digitalise the UK tax system, making it more effective, efficient and easier for taxpayers. MTD is intended to fundamentally change the way taxpayers and HMRC report and process accounting data.
So what does this mean for you? Businesses will be required to submit their figures on a quarterly basis through a HMRC approved system. The website you currently use to submit your VAT returns will no longer exist, meaning you will have to use software to submit further returns.
For many businesses, providing quarterly figures could be difficult and could be quite a culture change. Our cloud accounting solutions can help simplify this, and help reduce the pressure and stress of collecting the data.
Cloud accounting can allow you to upload receipts as you get them. Simply take a photograph on your phone which will automatically link to your accountant who can note it accordingly. The software will allow your accountant to easily pick out your income and outgoings for a certain period, thereby meeting the requirements of MTD and allowing your business to concentrate on other matters knowing that this new admin task can be swiftly covered.
Alternatively, UHY can submit the VAT returns on your behalf. We simply get the data from your existing software and submit it into a format that is acceptable to HMRC; making it as stress-free as possible for you.
Alternatively, fill out our contact form here.