Making Tax Digital
Making Tax Digital also known as MTD for short will take place in April 2019 for all business above the VAT threshold. Any business which fall into this bracket must now provide VAT information to HMRC digitally the deadlines for sending VAT returns and making payments are not changing. Other components of Making Tax Digital, such as income tax and corporation tax, have been placed on hold until April 2020 at the earliest
From April 2019, businesses above the £85,000 threshold have to provide their VAT information to HMRC through Making Tax Digital software. This software will not be provided for free by HMRC. The software will be offered by third parties and HMRC has no plans to endorse a particular provider.
One main advantage of picking RGA Accountants to help support you throughout the transfer from paper & manual kept records to submitting Digital records is that we will create a tailor made package for you that suits your business needs and your budget. Providing guidance on all areas so that you and your business are ready for Making Tax Digital