What’s it all about then? We realise most business owners are sick to death of hearing about MTD but we are here to tell you…we aren’t! We thought it would be worthwhile to share some hints and tips when it comes to MTD and how we can help you through the process.
Tip 1
Do I need to do anything?
If your business is VAT registered with a taxable turnover that exceeds the current VAT threshold of £85,000, then from April 2019, you will need to use functional compatible software to submit your tax returns. HMRC have provided a comprehensive list of all acceptable software which you can find here.
Tip 2
Get organised and do your research.
Research the acceptable software, talk to your accountant and other business owners that work in the same industry as you. Everyone who needs to will be thinking of or implementing what they need to in order to comply with HMRC’s new process – we suggest to use this to your advantage and ask around.
Tip 3
Ask the experts…
Of course, we hope that you will come to us and ask but failing that…ask an accountant or tax expert. We are trained professionals and have been preparing for this change to come for some time. We are best placed to advise and help you through the transition and our aim is to make it as pain free as possible for you.
Tip 4
Give it time…
Give yourself plenty of time to implement a new system and ask for help along the way. Getting ahead of the mad VAT return rush could save your business time and money in the long run. We realise this is easier said than done but there is a lot of power in testing a new system in advance.
Tip 5
Check out your processes
This could prove to be a great opportunity to review your current process. Most business owners have a desire for more up to date live data on financial reports, could this be the perfect time to do it? If you are unsure of what you might need in this area, please get in touch with our team.
Tip 6
Digital is the way forward
We realise everyone has their own way of doing things, especially when it comes to business finances, reporting and bookkeeping. However, our advice would be to embrace digital – MTD is the first wave of HMRC’s digital plan.
As always, if you have any questions about software, Making Tax Digital or any finance queries please ask us.
