Making Tax Digital – The Road Ahead – Key Essentials

Making Tax Digital - The Road Ahead Infographic

 

Making Tax Digital (MTD) is HM Revenue & Customs strategy to move all business related tax reporting online.

As you were made aware in our recent communication to you in November 2018, the first phase of HMRC’s MTD implementation will commence on 1stApril 2019. This will impact almost all VAT registered businesses whose taxable turnover exceeds £85,000. The second phase for all other business taxes (Corporation and Income Tax ) is currently scheduled for April 2020.

April 2019 – Key Essentials for VAT Registered Businesses

It is crucial that you understand what you need to do ahead of April 2019 to be MTD compliant and what actions you need to take now to get ready.

We recommend that you engage with us so that we can conduct a full review of your current VAT processes.

How can we help to ensure you are MTD Ready and Compliant?

  • Provide guidance on selecting software.
  • Advice on the availability and use of separate ‘bridging software’, if retention of spreadsheet records is key.
  • Complete a review of financial processes and tasks with a view to enhancing efficiency and digitisation.

Avoid Penalties

A new penalty system will be implemented by HMRC on failure to keep digital records. Therefore, it is essential for all VAT registered businesses to understand the scope of these key new requirements and to have a plan in place to avoid the penalties.

Wilson Wright – MTD Ready

We have taken part in HMRC’s pilot scheme and have engaged with the proposals at the earliest opportunity to ensure that our clients stay ahead of regulatory change.

Contact our specialists

Our team of committed professional advisers are trained to know that no two businesses are the same. We tailor bespoke bookkeeping / accounting solutions for our clients, making changes as our clients grow and add value at every step.

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Jamie Grossman

Jamie Grossman

Partner at Wilson Wright
Telephone+44 (0)20 7832 0444