Her Majesty’s Revenue and Customs (HMRC) has announced their plan to make tax digital, starting in April 2019 for businesses & self-employed people that breach the VAT threshold. As part of MTD, businesses registered for VAT with a taxable turnover above the VAT registration threshold of £85,000 will need to keep VAT records digitally and file their VAT returns using MTD compatible software. This will start from their first VAT period, occurring on or after 1 April 2019.
What does this mean for me?
Digital tax account management with MYCA Accountants
Bank transactions and other financial information will flow automatically into people’s digital tax account, whether they declare that income or those expenses.
Submissions will need to be made at least once per quarter. As a company you are required by law to do this. However, MYCA Accountants can act for you.
Submissions will need to be filed using some form of software (you’ll need to use an app integrated into your digital tax account). Good News! Sage & Xero is fully compliant.
Submissions will need to be filed using some form of software (you’ll need to use an app your digital tax account). Good News! Xero is fully compliant.
