What is Making Tax Digital (MTD)?
The first phase of Making Tax Digital was introduced in April 2019.
The vast majority of VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000) are now required to follow the Making Tax Digital rules by keeping digital records and using MTD compliant software to submit their VAT returns.
Making Tax Digital Software
Business records will need to be kept in a digital cloud based format and submitted to HMRC using MTD compliant software every quarter.
We have partnered with the best online accounting packages such as Xero, QuickBooks Online and FreeAgent.
At Taylor Evans we can provide expert advice and support on the best option for your business to ensure that you are MTD compliant. We also provide training and assistance on how to use the software and maximise the benefits it can offer.
Advantages of using online accounting software:
- It’s safe and secure.
- Run your business finances anytime, from anywhere, on any device.
- Real-time collaboration with us, your advisers.
- No installation or IT maintenance required.
- Pay as you go and no up-front costs.
- Real-time view of business performance.
Next steps
Now is the perfect time to start reviewing existing book-keeping processes and software to ensure that they are compliant with MTD regulations.
Taylor Evans can help advise you on the changes that may be necessary to your processes and systems and can advise on the most appropriate MTD software for your business to ensure compliance. We can also provide you with an online software including in your package!