Making Tax Digital
The introduction of Making Tax Digital (MTD) will fundamentally change the way businesses will interact with HMRC. Despite countless articles on this subject the initial version, at least, is very simple.
MTD will be introduced initially only for VAT-registered businesses from 1 April 2019 when the following will be required:
- VAT returns will have to be filed direct from the accounting software to HMRC, so manual inputting will not be allowed.
- Digital accounting records will need to be kept for 6 years + the current year. These records will include company name, place of business, registration no., VAT scheme, VAT account link (being the audit trail between primary records and the return), and information about supplies made and received.
Naturally as a market leader in book-keeping services, BookCheck are pleased to advise that we will totally handle the Making Tax Digital (MTD) for all of our clients, who can tick this off as 'done'.