Preparing for Making Tax Digital
Making Tax Digital is HMRC’s initiative to transform the tax administration system with the aim of becoming one of the most advanced in the world. This scheme will enable businesses and accountants to submit their financial information, and record and file tax returns far more easily. The process will be more efficient, saving valuable time. By being more accurate the whole system will be more effective for everyone. This transparency will result in a reduction in avoidable errors and help combat fraudulent activity. The end result will be that it is easier for taxpayers to get their tax right.
Making Tax Digital for VAT
The 1st April 2019 is the deadline for VAT registered businesses and those with incomes above the VAT registered threshold of £85,000 to file their VAT returns digitally. This is part of the roll out process of Making Tax Digital. Taxes other than VAT, such as Income Tax, will not be mandated until at least April 2020. So, there is still time to be prepared for this new way of interacting with HMRC.
Let Moore’s Accountancy Assist You in Making Tax Digital
Are you confused about Making Tax Digital? Unsure where to start? Moore’s Accountancy can advise you and help you to make the transition a smooth one. By utilising leading edge Xero Accounting software through us you will be ahead of the game. Your business will be able to enjoy the benefits of easy, efficient and effective management of your tax affairs. We have already helped several clients to move their accounting online and we pride ourselves on offering tailored guidance and support to help you to manage your finances seamlessly. To speak to us about your business requirements in relation to Making Tax Digital, please contact us today.