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Making Tax Digital - MTD

By
Leanne Castle

From The 1st April 2019 if you have a VAT registered business you must send your VAT returns to HMRC using MTD software.

If the taxable turnover of your business drops below the VAT threshold, currently £85,000, you must still submit returns through MTD software unless you deregister or are exempt from MTD for VAT.

Even if your business is below the VAT threshold you can sign up for MTD for income tax purposes.

Is your business compatible to sign up for MTD?

Business records will need to be kept digitally from the start of your accounting period. If you don’t keep digital records or your software isn’t compatible you will need to look for suitable software.

Ask your accountant if you are unsure if you are MTD compatible or take a look at the HMRC list of suitable and MTD-compatible software here:

For more details on MTD follow the link.

ENRICH YOUR BUSINESS KNOWLEDGE

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