Making Tax Digital is the Government’s plan to modernise and digitalise the UK tax system. Ultimately, this will have significant implications for both businesses and individuals.
The initial stage of Making Tax Digital came into effect on 1 April 2019. This means that all VAT-registered businesses above the £85k threshold will need to keep digital records and submit VAT returns using compatible online accounting software such as Xero.
Further changes are expected to follow in late 2019/early 2020, including the obligation to submit quarterly digital information for income tax and corporation tax purposes.
If you are unsure about the steps to take then why not contact us today, to find out how we can help make your business MTD ready?