The Government is introducing Making Tax Digital (MTD) from 1st April 2019. This initiative will effect UK businesses with a turnover above the current VAT threshold limit of £85,000 per annum which is reported at 89% of all UK businesses.
The new legislation will require these businesses to store their financial records digitally and submit VAT returns directly to HMRC via compatible accounting software. The initial pilot began in October 2018 and is mandatory from 1st April 2019.
To prepare for this change businesses will need to have an accounting software in place and all financial records correctly processed.
At Advisory Gems we can implement this for you and ensure you are ready for the change. If you would like some assistance please contact us at hello@advisorygems.com