Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs.
VAT-registered businesses with a taxable turnover above the VAT threshold of £85,000 are required to use the Making Tax Digital service to keep records digitally and use compatible software to submit their VAT returns from 1 April 2019. During 2020 income tax and corporation tax will also come within the scope of making tax digital.
Have you taken steps to ensure that your business will be compliant with the new legislation? If not, or if you are unsure in any way then please contact us and we can either review what you have in place or look to implement a suitable system that meets the needs of making tax digital.