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 Richard Peachy Director & Co-Founder of 5874 Design Ltd about how we helped them to be MTD ready.
“Pentlands offer so much more than day-to-day accountancy services. We have faced the challenges of a very aggressive growth curve, more than doubling our team in less than 18 months. James has taken the time to listen and understand, and Pentlands flexible approach means the services are very much customised to our needs.
When it comes to the grow of the business, we really value James’s advice and guidance. He doesn’t just tell us what we want to hear, he will challenge our thinking and present a range of options for us to consider. In my experience Pentlands make life easy, you want a team around you that you can trust, and we trust Pentlands.
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.