If your business has an annual turnover above £85,000 then Making Tax Digital starts for you from April 2019 and cannot be ignored.

This is part of the government’s plans to make life easier for individuals and businesses to get their taxes right and keep on top of their affairs. The aim is also for HMRC to transform into one of the world’s leading digital tax authorities.

By centralising the data, the government agencies will have a snapshot of an individual’s tax affairs the information will be sooner so that errors can be dealt with faster.

Making Tax Digital will begin with VAT in April 2019, it will apply to VAT registered businesses with a turnover above £85,000. Businesses will be required to file VAT Returns using commercial accounting software and will have to keep digital records of their transactions.

HMRC will only accept submissions made directly through accounting software, manual submission will no longer be accepted. Keeping paper records is possible but the information will have to be submitted using bridging software – we can help you with this, we have the software and can advise on a pathway forward for your business.

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