TIMELINE AND COMPLIANCE REQUIREMENTS FOR MAKING TAX DIGITAL
Compliance for Making Tax Digital (MTD) will be mandatory for most businesses trading over the VAT threshold with effect from 1 April 2019. There are a very small number of businesses that have been deferred to October 2019.
Your Tax Shop based in Ashton-under-Lyne can advise that to be fully compliant with MTD, businesses and their accountants need to have the suitable API (Application Programming Interface) enabled software. They will have 3 options:
- Continue with their current software if it is already MTD compliant
- Upgrade existing software to an MTD compatible version
- Record their digital records on a spreadsheet and use an API enabled bridging product to transfer the 9 box VAT return data to HMRC.
HMRC have a list of MTD compatible software on their website but here at Your Tax Shop we can advise on software packages available and give guidance on how to use them.
Should you require any further advise on Making Tax Digital or bookkeeping packages then please do not hesitate to contact one of the team here at Your Tax Shop, Tameside.