Making Tax Digital

 

Making Tax Digital is legislative change that has been in and out of the accountancy press for the past year. The date this new legislation is due to be implemented is April 2019, and this goes for all VAT registered companies that meet the threshold. If that is you then there are a number of points you need to consider. Although 2019 sounds a long way away the timeline generally required to implement new processes that incorporate both people and systems is a lengthy one. It’s also one that you have to complete before the government enforces it.

So, who will need to adhere with this new legislation?

All VAT registered companies above the threshold which is currently set at £85,000.

What will companies need to do?

  • Keep their records digitally (for VAT purposes only), and
  • Provide their VAT return information to HM Revenue and Customs (HMRC) through Making Tax Digital (MTD) functional compatible software

More details can be found on gov.uk here.

You need to adhere to these regulations. Use this overhaul as a chance to inject new business models into your framework. Digital transformation should enhance your output.

 

Contact Potamo for advice on the most effective business change methods.