Being introduced from April 2019, the new Making Tax Digital (MTD) requirements will effect all VAT registered companies by making it mandatory for them to keep and submit digital VAT records and send returns using MTD compatible software.
HMRC point towards the benefits that MTD will bring to businesses in terms of digital integration and efficiencies. In reality and in the short term for nearly all businesses this will be an administrative burden requiring the overhaul of systems of record keeping and the underlying accounting systems in advance of the change. That is where we can make a difference ensuring a smooth transition across onto a new MTD-compatible system which has been designed to be as efficient as possible.
Having an accountancy firm who can work with your business to prepare you for these changes will greatly reduce the burden of these new requirements. For the past two years we have been working hard to put in place the measures necessary to allow our clients to shift effortlessly to the new regime and we would be delighted to have a conversation about how we could help your business too.