Making Tax Digital is here!
The Making Tax Digital (MTD) initiative aims to modernise the UK tax system by introducing regular digital record keeping. Beginning with the April to June 2019 quarter VAT-registered businesses over the £85,000 threshold are required to submit quarterly VAT returns to Her Majesty’s Revenue and Customs (HMRC) using MTD compatible software.
What can you do to ensure your business is prepared for MTD?
Be ready on time
From July 2019 it is mandatory for all VAT-registered businesses who are over the VAT registration turnover threshold of £85,000 to be MTD compliant.
Preparing your business for MTD for VAT (MTDfV) compliance early puts you in the best position to understand your new reporting requirements, especially if you have recently moved to a new ERP solution for compliance.
Have you considered everything?
Preparation and implementation of Making Tax Digital can impact more than just your regular reporting duties. For example:
- How will Making Tax Digital affect your current quarterly reporting procedures?
- What penalties can occur from not meeting MTD compliance?
- Is your software MTD ready?
- Is your accountant MTD ready?
And there could be more to consider depending on your circumstances. To get started, you can download our Making Tax Digitial Checklist.
What can I do now?
Following along with our MTD checklist is a great first step in preparing your business for compliance.
Having a solution designed for MTD reporting is the next step.
If you are a current Sybiz Vision user, the process of MTD is expected to be seamless and straight forward. Sybiz Vision will be receiving an update before the end of June for MTD for VAT compliance. If you are using Sybiz Vision Classic (versions 12.90 and below) a temporary compliance update will be released to ensure users can meet their MTD for VAT obligations before upgrading to the latest Sybiz Vision.
Contact our BusinessCare team today to find out what you need to do to get ready.
If your business needs a comprehensive MTD compliant ERP solution, see how Sybiz Vision can help.