YOUR TAX SHOP ARE READY FOR MAKING TAX DIGITAL – ARE YOU?
As you’ll know, next year will mark an important milestone for Making Tax Digital (MTD). From April 2019, the first stage for MTD will come into force and it will be mandatory for any VAT Registered businesses with a taxable turnover above the VAT registration threshold (currently £85,000) to keep their records digitally and send their VAT returns using MTD compatible software.
Records that you need to keep digitally for MTD for VAT
MTD does not require anyone to keep additional records for VAT, but to record them digitally.
Digital records should include the time of supply (tax point), the value of the supply (net excluding VAT) and the rate of VAT charged. They should also include information about the business, including business name and principle business address, as well as the VAT registration number and details of any VAT accounting schemes used.
Your Tax Shop based in Ashton under Lyne have a four-stage process for dealing with MTD:
- Identify the VAT clients within the scope of MTD (Businesses trading over the VAT threshold).
- Review the current VAT systems of clients.
- Define client requirements from April 2019 – new systems to acknowledge.
- Offer a MTD solution to each client!
Here at Your Tax Shop, Tameside we can advise the best way forward for your business with regards to MTD. Please call one of the team should you need any help with MTD.