Making Tax Digital, or more commonly known as MTD, is the first step by the Inland Revenue to make all tax related returns digital.
This first, and so far, only new introduction is related to VAT, and is applicable to all VAT registered companies in the UK that turnover in excess of £85,000 per annum, the threshold for being VAT registered.
Eventually, and this means over the next 3 to 5 years, the Inland Revenue plan to digitalise all their tax systems, not only business related but also personal. Thankfully they have taken the route of least resistance and are doing it slowly and one step at a time, with this April 2019 VAT return being the first where, legally, all applicable businesses had to submit digitally.
Thankfully at Elsburys we are well versed in the matter and can offer advice, and to make life incredibly simple, we have formed a sister company to manage this for you. MTD Bookkeepers Ltd can be found on the web using…
For an immediate quotation, which is far cheaper than any bookkeeper or accountant can do, just answer 3 simple questions and you are away, easy as that. We would be happy to advise further, but this is so simple we doubt you will need it.
The Inland Revenue has stated that penalties for late and wrong submissions will be looked at, in their words, “lightly” whilst everyone gets used to the new system, however we are sure that will soon be replaced by a low tolerance level, so get yourself started with MTD Bookkeepers now!
Rob Lamey
MD & Owner of Elsburys Accountants