The benefits

  • MTD compliant
  • Optimise accounting software
  • Save time

How will this impact my business?

It depends on how you currently prepare your records

  • If you are using spreadsheets you will need to transfer over to MTD compliant accounting software. Spreadsheets alone are not MTD compliant.
  • There are over 150 accounting software available, but you will need to make sure the one you are using is MTD compliant.
  • From April 2020, HMRC will issue penalties to businesses that are not compliant.  


What are the benefits of MTD?

Opportunity to review your systems and process

  • Using accounting software can be seen as a real competitive advantage. Machine learning and additional connecting software will give you the ability to report on real-time information.
  • Connecting bank feeds and other apps will automate processes efficiently and will free up your time so you can run your business. 

What should I do now?

Make sure that you are compliant

  • If you're not using accounting software then transfer over as soon as possible. We can help you with this making sure it's a smooth transition.
  • If you're on accounting software then make sure that it is MTD compliant and ready to use. If you are unsure, please contact us and we can let you know.
  • Once on accounting software always make sure that you are using the most up to date version. 

Frequently asked questions

What does the Making Tax Digital Service (MTD) mean for my business?
Can I incorporate MTD into my accounting software?
How does MTD benefit my business?
Can I submit spreadsheet VAT Returns through MTD?
Is MTD for VAT mandatory for my business?
If my taxable turnover is below the threshold, can I sign up for MTD VAT voluntarily?
What records do I need to keep digitally for MTD for VAT?
What is bridging software?

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