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Making Tax Digital

HMRC wants to revolutionise the tax system and have a fully digitised system that will reduce their cost of managing your tax. This is known as Making Tax Digital (MTD). It will require business owners to use computer accounting software (approx 25% of UK businesses still use paper systems).

The full MTD has been postponed, and many in the know think it will be delayed again. However, possibly as a face-saving exercise, MTD for VAT Returns is being brought in from April 2019 (only compulsory if your turnover is above 85k.)

With ABC Accounts you already have digital accounting records and the ability to produce VAT Returns. However, ABC is not yet compliant with sending data for MTD and we are working on this. It will be ready before April 2019.

Many businesses currently type their VAT Return figures into HMRC's website. This will still be available after 2019 BUT ONLY if your turnover is below 85.

Note: Accountancy magazines are full of articles suggesting this can be a money making bonanza for accountants, and explaining how to "scare" clients into going with subscription based Cloud services, or changing to "special" software. There are plenty of other articles online giving less biased information.