Making Tax DigitalTax affairs management is changing for UK businesses. Learn why digital tax management is becoming mandatory and make it work for your business.
Currently 8 in 10 businesses are not operating digitally or on the cloud so there is a lot of work to do.
Making Tax Digital
Luckily if you are a Next Level Business client no big changes will be made, as we already operate in a digital-first environment with MTD compatible software. You do not need to book an MTD consultation with us as we will communicate any important updates with you, but if you would still like an MTD consultation, do get in touch.
If you are not a Next Level Business client, book a free 30 minute MTD consultation to see how we can help you.
Last year, HMRC decided that those who do not comply with MTD will face a new, ‘points-based’ penalty model. Late filing will attract penalty points, after four late submissions, a penalty will be charged for each late submission. Once a points threshold is reached, a financial penalty is applied.
1st April 2019
1st April 2020
Frequently Asked Questions
What will I need to do to stay MTD compliant?
What is due to happen beyond March 2020?
What happens if I’m already on Xero?
Your business will already comply with Making Tax Digital for VAT record keeping and digital links requirements, so you’re in the best place right now.
Soon, you’ll see an option to start moving to MTD for VAT in Xero – just register with HMRC and use the new MTD for VAT experience.
Will my accountant organise MTD for me?
Your accountant can use their own MTD-compliant software, such as Xero, to file VAT returns on your behalf.
However, you need to make sure that your entire record keeping process is digitised, preserved, and without any manual intervention. So if you do your own bookkeeping, you’ll need to start using MTD-compatible software to ensure compliance.