Making Tax Digital
Making Tax Digital for VAT
If your business is registered for VAT and your taxable turnover is above the VAT registration threshold, you must keep digital business records and send your VAT returns to HMRC using Making Tax Digital-compatible software.
If your business has a taxable turnover below the VAT threshold, you can still voluntarily sign up for MTD. HMRC is encouraging everyone to do this so they can benefit from the streamlined business processes.
We know this is a hard thing for many business owners or self-employed people to get their heads around, so we are here to help. Our team of specialists will work with you to improve your understanding of MTD and recommend ways of making the switch easier for you and your business.
If your business is VAT-registered, you will need to keep business records digitally from the start of your accounting period. If you already use software to keep your business records, check with us or your software provider to find out if they are MTD-compliant.
If you do not currently use software, or the software you use is not MTD-compliant, you will need to consider what software is suitable for your requirements.
At Dunkley’s, we specialise in cloud accounting and have helped numerous clients move from spreadsheets and other software to MTD-compliant solutions such as Xero, QuickBooks Online and Sage Business Cloud.
Every business’s needs are different, so we will always make sure the MTD-compliant software we recommend best suits your needs.
If you would like to learn more about cloud accounting or discuss if your current software is MTD-compliant, please call one of our specialists today on 01454 619900 or email firstname.lastname@example.org.
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