MTD is only one month away

With the introduction of making tax digital (MTD) only one month away, HM Revenue and Customs (HMRC) are urging 1.2 million businesses that aren’t yet complaint, to prepare for the rollout of the new tax service.
Currently, in the UK, 30,000 businesses are prepared for the new MTD service and every day over 2,000 businesses are signing up for MTD for VAT.
As of 1 April 2019, businesses above the VAT threshold will need to keep their records digitally and submit their VAT return using MTD compatible software.
The rollout of MTD means businesses will improve the way they keep records and submit their digital VAT returns, thus providing a more integrated business approach. Moreover, it will help reduce the time spent on administrative tasks and make it easier for them to get their tax right the first time.
Mel Stride, Financial Secretary to the Treasury, said: “It has never been more important for businesses to be able to seize the opportunities that digital technology offers. Making Tax Digital helps them to do just that – making it easier for businesses to get their tax right the first time by transforming how they keep their records and send information to HMRC.”
“It will give businesses more control over their finances, allowing them to spend time focusing on innovation, growth and the creation of jobs.”
Theresa Middleton, Director of the Making Tax Digital for Business Programme, said: “There are over 160 software products for businesses to choose from with a range of prices, including some that are free, offering different levels of functionality to suit every business. It’s time to get on board and join the thousands of businesses already experiencing the benefits of MTD.”
For further advice on how to prepare for making tax digital, get in touch with our specialists today.

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