MTD (Making Tax Digital), are you ready?
6 February 2019
The Government programme MTD does exactly what it says on the tin. It is introduced to reduce accounting errors and the tax gap, research shows HMRC is owed £3 billion in outstanding VAT for the year March 2018. MTD makes it mandatory for businesses to maintain digital accounting records and to file electronic returns. For companies whose turnover above £85,000 per year VAT threshold, MTD is a reality. The rules cover sole traders, partnerships, landlords, limited companies, trusts and charities, with a six month deferral date available for only the most complex business.
We at trans plant mastertrain are working closely with our accountants and even though SAGE offer this support we are moving over to Quick Books as from 1 April 2019. For those companies and private individuals who kindly use our service will see a little difference in the layout of our invoices but other than that there will be no change. The main reason for the change to Quick Books is that we have found the package is more user friendly and easier to understand.
For those who are not ready for ‘Making Tax Digital’ I strongly advise you speak to your accountant. Further advice and information can be found on various web sites.
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