Making Tax Digital: A New Year’s Resolution

Making tax digital

Making Tax Digital: A New Year’s Resolution

Have you set any New Year’s resolutions for your business in 2019?

From 1 April 2019, new regulations will require VAT-registered businesses to make submissions to HMRC under Making Tax Digital (“MTD”). This will be a major change for UK businesses and the first step by HMRC in the transition to digitalisation.

Are you ready?

You may have received a letter from HMRC, notifying you about MTD and encouraging you to take action. Like many owner-managers, you probably added this to the pile of to-dos for 2019.

However, in less than three months, the way that your business maintains its VAT records and makes submissions to HMRC will need to change. If you’re not prepared, this could be costly, and so it’s time to add MTD to your January resolutions.

MTD checklist

Here are three steps to help you prepare for MTD this January:

  1. Check your software
    Is your current accounting software MTD compliant? If you’re unsure, then we recommend that you contact your software provider for advice. If you use Excel spreadsheets for your VAT records, you will need to consider bridging software to submit your returns under MTD. For businesses with manual records, this is an opportunity to consider software solutions.
     
  2. Consider the pilot
    Why not get ahead of the rest? HMRC has now opened the MTD pilot scheme to the public. If your business is eligible, you can apply to join the pilot and start submitting your VAT returns under MTD.
     
  3. Contact the experts
    At Creaseys, our team has the expertise to remove the burden of MTD set-up and compliance so that you can spend more time on your other business priorities for 2019.

 

We have partnered with some of the leading cloud accounting software providers so that we can support you in finding software solutions tailored to your business.

Our team can support you with the implementation, training and support on various packages so that you can maximise the benefits of cloud accounting. We can also help you with bridging software solutions, data entry and processing on your behalf.

MTD is a great opportunity for your business to embrace the reporting capabilities and efficiencies of digitalisation in 2019. Please contact your team at Creaseys on 01892 546 546 to discuss the options available to you.