Making Tax Digital
The introduction of Making Tax Digital (MTD) has fundamentally changed the way businesses interact with HMRC.
MTD was introduced initially only for VAT-registered businesses from 1 April 2019 when the following is required:
- VAT returns have to be filed direct from the accounting software to HMRC, so manual inputting is not be allowed.
- Digital accounting records need to be kept for 6 years + the current year. These records 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 totally handle the Making Tax Digital (MTD) for all of our clients, who can tick this off as 'done'.