In the ever-changing world of technology, it is important that tax and finance stay up to date. Making Tax Digital or MTD is a new initiative from the government which aims to bring record keeping and tax returns into the digital world. Here at Roger Hatherall and Company we provide a number of accountancy services for our clients in and around the Bath area.
To find out more about digital accounting, call our team in Bath on 01225 429 610.
Contact us Today on 01225 429 610 to find out more about what accounting services we can provide in your area.
MTD or Making Tax Digital is a new approach to tax and accountancy from HMRC and the government. It has neem brought in to make it easier for a company or individual to make sure all records are kept correctly and that tax is right. As well as being easier, MTD is more efficient and effective.
This was first mentioned in the 2015 budget and has since been outlined. As of April 1 2019, companies who meet the VAT registered threshold (£85,000) will need to provide quarterly reports on turnover.
If you meet this threshold, then you must follow MTD rules from the first day of your first VAT period on or after April 1 2019. Once this date has passed, you won’t be able to manually complete VAT return online. Over time the vision is to switch all businesses towards Making Tax Digital. This will help to reduce time spent completing returns and also improve on the number of mistakes made.
If you live in Bath or would like more details about MTD, please call us on 01225 429 610 or fill in our contact form. You can also find helpful resources as well as FAQs on our website.
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