Making Tax Digital (MTD) for business begins on the 1st April 2019 with MTD for VAT. From this date, VAT registered businesses above the threshold of £85k will have to keep digital records and submit VAT returns using compatible software.
We suspect like with recent changes in legislation around GPDR, Making Tax Digital will also generate a lot of hype, myths and potential scaremongering.
Other components of Making Tax Digital, such as income tax and corporation tax have been placed on hold until April 2020 at the earliest.
Please be reassured that you are in safe hands with Pentlands and we will keep you up to date with everything you need to know.
We recently talked to one of our clients David Hooper of Independent Freight Solutions Ltd about how we helped them to be MTD ready.
“Pentlands have a very different approach. They are far more proactive in setting meetings for us to go through detail and discuss future growth strategies. You get to meet real people and they communicate in a ‘real’ language.
With Pentlands support we moved our accounts to Xero making it easier to process information directly to HMRC, meeting the Making Tax Digital requirements. We are also able to analyse information in more depth which is of real value in making decisions.
Moving to Pentlands was the best decision we could have made. They just ‘get it’ and understand our needs”.
If you are reading this and think you may need help to be compliant for when the change happens in 2019, then please contact us on 01926 424444.