The first phase of HM Revenue & Custom’s (HMRC’s) MTD regime is focused on VAT and from 1st April 2019 most VAT registered businesses whose taxable turnover exceeds £85,000 will be required to keep digital VAT records and all manual paper processes will have to be replaced.
MTD is one of the most significant changes to the UK’s tax administration in decades and may require businesses to make internal financial processing changes.
Furthermore, failure to comply with MTD may result in penalties.
Wilson Wright – MTD Ready
- We have successfully 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.
- During the pilot we have already migrated and assisted a number of clients with digital VAT filings under the new regime through HMRC approved software (including ‘bridging’ software).
- 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.
Our committed, professional and trusted advisors will:
- Conduct VAT reviews to ensure our clients are MTD compliant
- Ensure client accounting software is MTD ready and on HMRC’s ‘approved’ list
- Take complete control of all VAT filings
- Provide in house training to Finance Teams in industry
- Advise on ‘bridging software’ if suitable
Keys Dates for VAT registered businesses whose taxable turnover exceeds £85,000
1st April 2019
Start date for keeping digital VAT records
7th June 2019
Submission deadline for the first monthly VAT returns
7th August 2019
Submission deadline for the first quarterly VAT returns under MTD
1st April 2020
Earliest date for the commencement of digital MTD filings for corporation
tax and income tax
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