As reported previously, from 1 April 2019 Making Tax Digital (MTD) will be compulsory for VAT-registered businesses with a turnover above the current VAT registration threshold of £85,000. It will be voluntary for smaller VAT-registered businesses for the time being and there are a few exemptions.
If your business is registered for VAT and has taxable income above the VAT threshold you will have to submit your VAT returns electronically to HM Revenue & Customs (HMRC).
HMRC have indicated that, after a soft landing period, access to the current portal will be turned off for businesses required to file under the new regulations.
We have a variety of Making Tax Digital solutions available to comply with HMRC’s new requirements.
We can advise on the suitability of your current records or recommend a cost effective solution. Our outsourcing department will be happy to help you with the transition, or we can even undertake the bookkeeping and file the VAT returns for you.
If you would like our help, please contact Zoe Denning on Rugby 01788 539000 or Ismail Sidat on Leicester 0116 261 0061.