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Making Tax Digital (MTD) is a government initiative to bring the tax system online. It means linking business accounts through to HMRC's systems in an automatic online process, to reduce errors and improve clarity. It is starting with VAT and will soon include income tax and corporation tax. Eventually all taxes should be brought together in a much clearer and user-friendly way. To find out more about MTD click here.
At Knill James we're committed to fully supporting our clients and their businesses, as part of this we are offering an advisory service to ensure that all of our valued clients are ready for MTD. We've designed a series of communications to help lay-out the options available to our clients, this includes information on our recommended options for software and spreadsheet optmisation.
What do I need to do next?
The MTD for VAT deadline is getting closer. From 1 April 2019, all VAT-registered UK businesses above the £85,000 VAT threshold will need to keep records digitally and submit VAT returns to HMRC using MTD-compatible software. Because every business is different and every working process unique, we're here to help advise and offer guidance to get you and your business MTD ready.
Online Cloud Accounting
Software applications such as Xero and Sage are ideal for small to medium sized businesses. They are fully MTD ready, user-friendly and have award-winning customer support services. At Knill James we can offer exclusive discounted rates to our clients, so please do get in touch should you wish to sign up. Both have comprehensive websites for your information:
Spreadsheets
Alternatively we will be able to support you to enable your spreadsheets to interface directly with HMRC, in accordance with the MTD compliance guidelines. If this method is of interest then please get in touch and we can talk you through the process.
Still got some questions?
We're here to help so please do get in touch with us, we'd be happy to consult with you on a MTD plan to get you and your business ready for April 2019.