MTD Support Centre
So what is MTD? In simple terms, Making Tax Digital is the government’s vision to make businesses keep records digitally and file tax returns directly through approved third party software. HMRC have said this is to reduce errors caused by manual record keeping and typing in VAT return figures using their online return form.
The new rules are extensive and go beyond simply using software to keep records. More information can be found here:
TCA Factsheet - Making tax Digital For VAT
TCA - Key MTD questions and answers
www.gov.uk - overview-of-making-tax-digital
ICAEW Guidance MTD-for-businesses
MTD will have a major impact on some businesses and action is needed to ensure that the right systems and software are in place to meet obligations under the new rules whilst minimising the administrative burden and costs. HMRC have confirmed there will be a ‘soft landing period ’ so there is still time to get new systems in place before penalties will apply.
- April 2019 – All VAT registered business with turnover over the registration threshold are required to keep digitised accounting records and file VAT returns using approved software products.
- From 2021 – It is proposed MTD will extend to all businesses including landlords with turnover over £10,000 (Although this threshold is under review). Businesses will not only have to maintain digitised accounting records but will also have to file returns for VAT, income tax and corporation tax using approved software.
Our MTD Support Centre offers help and resources to businesses to help them be compliant with MTD but unlike some accountants we do not simply offer a one size fits all solution. We have reviewed the new rules extensively and work with businesses to assess their requirements and recommend practical, efficient solutions.
MTD Support Centre Services
- We offer any business a free initial meeting or telephone consultation to make an initial assessment of how MTD will apply to them and what needs to be put in place.
- We can carry out a detailed review of current systems and provide a report summarising changes that are required with bespoke recommendations for systems and software.
- We have experience with a number of software packages including Quickbooks, Sage and Freeagent. For some small businesses a simple spreadsheet linking to inexpensive VAT filing software may be all that is needed.
- We can provide and implement software and accounting systems that are fully compliant with MTD. The best software and well implemented systems can also improve accounting records, reporting and can actually reduce the time spent keeping business records.
- Provide a full range of support, whether that be outsourcing functions of a finance department, ongoing training and advice, bookkeeping services or simply filing returns.
Require more information?
Contact us to book your initial free appointment with one of our MTD specialists.