Making Tax Digital for VAT Registered Businesses
Many businesses will be compiling their first MTD VAT return for April, May, June and filing it at the end of July.
But VAT is just the beginning, with the digitalisation of the rest of the tax regime set to follow. The UK government has made it clear that MTD will be extended to other taxes, such as corporation tax, although this will only come into play next year at the very earliest.
Cloud accounting and online-based systems have revolutionised the way we live our lives and run our businesses, giving 24/7 access with direct bank feeds, data capture plus the use of external apps.
If you are a VAT registered business with a turnover of over £85,000 you should have adopted suitable software to allow you to file under the new legislation, either a full book keeping package or bridging software if you are using spreadsheets.
If you are unsure as to which software suits your business or overwhelmed by the choice available then contact us to discuss this ASAP. Remember, what suits one business may not suit another. It is what you as a business require from the software as well as complying with legislation.
