MTD: the golden opportunity for change in a digital age
Date published
February 7, 2019
Company
Wolters Kluwer
Making Tax Digital (MTD) for VAT is going live in April 2019, and the HMRC online interface where nearly 90% of VAT submissions are manually entered will be closed for businesses over the VAT threshold. If you haven’t started working out how this will affect your business and decided what your strategy will be, the time is now.
If the introduction of iXBRL and GDPR taught most businesses anything, it is that it’s never too early to review your processes to ensure you meet the requirements of new legislation. You must identify how you are going to file VAT returns on behalf of your clients, and how they are going to create and file their VAT tax returns if they have been submitting the returns themselves. In addition, you will need to identify how you should monitor the deadlines for VAT filing in an MTD-compliant environment.
Process change has a big effect on any business. Your practice and clients need to understand what is changing and how it’s going to affect them. The deadline in April is beyond your control, but how prepared you are is in your control. Before you get overwhelmed by the fear of the unknown, understand the facts about what you can and can’t do from April 2019.
This article from Wolters Kluwer busts some MTD myths and explains how MTD is a golden opportunity to embrace change in your practice.