HMRC's Making Tax Digital (MTD) Initiative
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Making Tax Digital (MTD)
Making Tax Digital (MTD) comes into effect on 1 April 2019.
Raj Grover, Xero Certified Trainer and Senior Lecturer at London School of Accountancy has been busy providing an insight into MTD and Xero MTD Ready digital accounting software at various events including Metro Bank Ealing Broadway and Hounslow Chamber of Commerce. He is soon to deliver some training on behalf of Enterprise Nation, a membership body providing expert advice and support to thousands of UK small businesses.
Making Tax Digital (MTD) is a fundamental change to the UK tax system; it will affect how UK businesses maintain their accounting records.
From 1 April 2019 all businesses with turnover above the VAT registration threshold will be required to:
1. Maintain their accounting records DIGITALLY in an accounting software.
2. Submit their VAT Returns to HMRC online using compatible software - HMRC's portal which is currently used by 89% of businesses to file their VAT Return will no longer be available from 1 April 2019.
Businesses which do not maintain digital accounting records or submit their VAT Return to HMRC digitally will face financial penalties.
Software such as Xero, Quickbooks and Sage Business Cloud Accounts are MTD ready and use of these software will ensure that a business is MTD compliant.
FREE Digital Accounting and Making Tax Digital Workshops
Research by the ICAEW (Institute of Chartered Accountants in England & Wales) has revelaed that over 40% of businesses that are going to be affected by MTD are not yet aware of it. Additionally, a quarter of all businesses are still using a paper based accounting system; paper based records will not be permissable for MTD as digital record keeping will be mandatory with effect from 1 April 2019.
We have therefore organised a series of FREE workshops in February on Digital Accounting & Making Tax Digital; 10 free places are available on each of the following dates:
1. Thursday 7 February 2019 - 3.00 pm to 5.00 pm
2. Monday 11 February 2019 - 11.00 am to 1.00 pm
3. Monday 11 February 2019 - 6.00 pm to 8.00 pm