HMRC changes that will impact your business
If you are a VAT-registered business over the £85,000 threshold, there are major changes coming from HMRC that will affect your business.
Why act now?
Making Tax Digital means that for VAT periods commencing after April 2019 we’ll need to submit your VAT Returns through compatible software and keep digital records of your accounts.
Over the last 12 months, you will have received correspondence from HMRC regarding Making Tax Digital for VAT (MTD).
Making Tax Digital will affect how we prepare and file your VAT Return, and will also impact on the information that you need to provide us.
In order for us to meet the new HMRC MTD filing requirements, you need to provide us with the details of each individual VAT transaction.
If you currently use bookkeeping software it is unlikely you will need to change anything. However, if you provide us with summarised information, we will a need more detailed breakdown.
Please contact us to see our MTD guide which covers the main changes that you need to be aware of.
We’re here to help you with Making Tax Digital and answer any questions about how this change will affect your business.
We are currently in the process of contacting all relevant clients however if you have any queries please do not hesitate to contact us.