Making Tax Digital is here!
The Making Tax Digital (MTD) initiative aims to modernise the UK tax system by introducing regular digital record keeping. Since the April to June 2019 quarter, VAT-registered businesses over the £85,000 threshold have been required to submit quarterly VAT returns to Her Majesty’s Revenue and Customs (HMRC) using MTD compatible software., like Sybiz Vision.
What can you do to ensure your business is MTD compliant?
Managing MTD with Sybiz Vision
If you are a current Sybiz Vision user, the process of MTD is seamless and straight forward. Just take a look at our FAQs and resources or speak to our Sybiz Europe office for assistance.
Sybiz Vision receives updates to maintain MTD for VAT compliance, so we recommend being on the latest version.
If you are using Sybiz Vision Classic (versions 12.90 and below) you need to upgrade to the latest version of Sybiz Vision for MTD compliance.
Contact our BusinessCare team to discuss your requirements.
How might you be impacted?
Since July 2019 it has been mandatory for all VAT-registered businesses who are over the VAT registration turnover threshold of £85,000 to be MTD compliant.
The implementation of Making Tax Digital can impact more than just your regular reporting duties. For example:
- How does Making Tax Digital affect your current quarterly reporting procedures?
- What penalties can occur from not meeting MTD compliance?
- Is your software MTD compliant?
- Is your accountant knowledgable about MTD?
- Are your staff aware of MTD?
And there could be more to consider depending on your circumstances.
To learn more, take a look at our FAQs or speak to our team today.
Not using Sybiz Vision?
Sybiz Vision is an adaptable ERP solution that can be tailored to meet the needs of your business, and is already helping our customers in the United Kingdom meet new legislative requirements like Making Tax Digital for VAT.
With a range of mobile applications and uniquely customisable modular functionality, Sybiz Vision enables businesses to be future-focused and in control of their finances.
Not using Sybiz Vision and need a comprehensive MTD compliant ERP solution? See how Sybiz Vision can help and speak to our knowledgeable team today.
