A lot of Many businesses across the Uk have a number of questions surrounding the implementation of MTD for VAT initiative that HMRC is to launch officially on April 1st 2019. The Government scheme called Making Tax Digital has been set up to improve tax compliance and make the process easier for taxpayers, allowing them to navigate through an online platform.
Have you started to ask yourself questions about how the changes will affect you and your business? We thought so which is why we wanted to share some of the most frequently asked questions with you:
What is MTD for VAT?
MTD for VAT is an HMRC initiative that is designed to transform the current tax system and make it more efficient and effective for taxpayers to file their returns. Its designed to reduce the extensive paperwork involved in filing tax returns by allowing businesses to maintain and update their records digitally using MTD compatible software.
What is the threshold for businesses taking part?
£85,000 and above is the expected threshold for businesses in the UK and will comply with any HMRC MTD rules and regulations.
What about businesses under the VAT threshold?
If your business falls under the threshold you won’t necessarily have to comply with the new MTD for VAT rules, however, if the companies wish to they can be part of it voluntarily. It’s important to note however that all businesses will still be expected to track their taxable turnover on a 12-month basis to ensure that they have not surpassed this threshold.
What is MTD compatible software?
Making Tax Digital software is an online solution that is approved by the HMRC. If you visit the HMRC website, you will notice a list of vendors who can provide MTD approved compatible software. You will need to get software that is both user-friendly and is able to integrate your data, making it easier for you to navigate the platform whilst updating your information and saving valuable time resources.
Do businesses have to scan and keep printed copies of documents?
You will no longer need to make copies as these will be stored electronically. The initiative is designed to make business information easily accessible wherever and whenever you need them; therefore it will save time on filling through lots of paperwork.
When is the deadline for MTD?
MTD will officially be effective as from 1st April 2019.
What are the benefits of MTD to your business?
You are probably wanting to know what some of the benefits are for MTD software, This a reduction in paperwork, easy tracking of records, minimising mistakes and errors, saving time and resources and more. Business growth is easy to achieve and scale as a result of being on the cloud, therefore actually making MTD for VAT software a valuable tool for any businesses who are looking to increase performance.
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