Making Tax Digital for VAT
Firstly, If you are the owner of a VAT-registered business, with a taxable turnover above the VAT threshold (£85,000), you have to keep digital VAT records and send returns using Making Tax Digital (MTD)-compatible software as from April 2019.
You can find out here how to get ready for Making Tax Digital for VAT if you are a business by clicking here
Secondly, the Government announced in July 2017 that they will slow the pace of mandation.
As a result, they will not make Making Tax Digital mandatory for any other taxes until after April 2020.
The Government further announced in March 2019 that they would be focussing on supporting businesses with the move to MTD.
Therefore, they will not introduce MTD for any new taxes or businesses in 2020.
You can get involved as a business in the Income Tax pilot now on a voluntary basis.
MTD for Income Tax
There is a pilot available for the self-employed in relation to income tax. This is for those with income from one source of self-employment and landlords (except those with furnished holiday lettings).
You can read more here about getting involved in the Income Tax pilot. See this post If you are interested in the background to making tax digital.
Where can I find help?
Here at Moore Financial Management.
- I have done hours and hours of CPD training in relation to MTD to ensure I have the knowledge to help you.
- I have also done extensive research into HMRC listed software so you don’t have to.
- I’m proud to partner with 2 of the leading software suppliers that provide a solution for MTD.
- And I am certified in the installation and operation of the Online Accounting software which is digitally compliant and specifically designed for small and medium sized business.
