HMRC’s vision to digitalise the UK tax system is now well underway. The process started in April 2019 with VAT registered businesses with turnover exceeding the VAT threshold (currently £85,000) being required, from this date, to use commercial software to maintain their VAT records and send their VAT information to HMRC. If your business falls within this threshold you only need to record VAT-related tax in the first year, before a much wider implementation planned for 2020.
Here at Richard Anthony, we understand that such a considerable change to the way in which reports are provided to HMRC is daunting and will, without doubt, present challenges, particularly for those who are not so familiar with digital facilities.
If you would like to find out how MTD will affect you or you would like to find out more about the benefits of Cloud-based digital accounting, please contact us.