What is it?
As of the 1st of April 2019 the Government are introducing Making Tax Digital. This is designed to make the process of submitting your VAT return completely digital, making the process more efficient and generally easier to get right.
Who does it effect?
VAT registered business with a taxable turnover above the threshold of £85,000 are required to comply with Making Tax Digital.
What will you need to do?
You will need a ‘Making Tax Digital’ compliant software that can directly link to the HMRC website to submit all of your figures. Another requirement is that all records will need to be stored digitally.
How can we help?
As we provide your till software, it may be a case of doing an update on the software to make you compliant, but this is very dependant on what software you have and whether you have an accounts package. To make sure you comply with ‘Making Tax Digital’ it is worth speaking to your accountant, as well as speak to us about what we could offer you. This can be done here.