Making Tax Digital - important new rules from next April

You may have heard that Making Tax Digital (MTD) is being introduced by HMRC next April.

After this date, it will be compulsory to submit all VAT returns via up-to-date compatible accounts software.

It will no longer be possible to log into the Government Gateway and type the figures directly into the HMRC website.

So this will affect the following businesses; those that are:

• VAT registered with a turnover in excess of £85k, and are

o Using manual records or excel spreadsheets, or
o Using non compatible software such as older versions of Sage and Quickbooks, or
o Using other non compliant bespoke accounts software systems

We have assisted many clients transfer their business onto compliant accounts software. A process that can offer some short term challenges but should be taken as an opportunity to improve your internal accounting function, financial data and assist you in running your business by implementing accounting software that works for your business. We would review your current system and recommend a solution that meets your requirements.

If you will need our help with this (we expect that most affected clients will) please contact us to discuss your options.