Making Tax Digital for VAT
With less than six months to go until Making Tax Digital (MTD) for VAT, the time to prepare is now. With the right software and a comprehensive communications plan in place, the transition to MTD for VAT could be plain sailing. In fact, for forward-thinking accountancy practices, Making Tax Digital is an opportunity to grow their communication plan with their clients and look to digital means of data collection.
In April 2019 the HMRC online interface, where 87% of accountants currently manually enter VAT submissions, will no longer be available for those over the VAT threshold of £85,000. Companies and individuals above the VAT threshold will be mandated to use compliant software to digitally submit accurate financial information to HMRC.
Is your practice ready?
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