Making Tax Digital (MTD) is no April fools joke! With only a couple days to go until the scheme is properly introduced, make sure that your company is completely ready. Benefit from our digital accounting services and a Glasgow accountant!
We have a team of financial experts ready to guide you through any difficulties you are facing. As we acknowledged in our last post, we understand that it’s a very turbulent time to own a business in Scotland. However, it’s never too late to ask for help when it comes to something as important Making Tax Digital. Whether you’re looking for simple advice or supporting services, we are here for you.
Digital Accounting Services – Making Tax Digital Advice from The Kelvin Partnership
According to gov.co.uk there are 1.2 million business who will be affected by MTD. And, 30,000 of these businesses have already signed up to use the integrated and compatible tax submission service! As the change to the new digital scheme inches closer, the digital accounting services team from The Kelvin Partnership have decided to recap on what you need to know.
What is Making Tax Digital?
It means that from the 1st April 2019, businesses with an income over the VAT threshold have to store, prepare and submit their tax records digitally.
Why is it being implemented?
It is considered a way of reducing the amount of time businesses spend on administrative duties; such as tax planning. Also, it aims to reduce the amount of businesses filling out VAT returns incorrectly.
What do you need to do?
As we are so close to the changeover date, HMRC have written to all businesses concerned with details of what they need to do and how they should go about it. However, as financial experts, The Kelvin Partnership will advise you on the business steps necessary to take, should you be completely under prepared. There’s no need to panic! It’s a relatively easy process; even if you aren’t familiar with MTD-compatible software.