Making Tax Digital (MTD) for VAT will be mandatory for many businesses from 1 April 2019. The new rules mean most VAT-registered businesses with a turnover of more than £85,000 will be required to keep digital VAT records and submit VAT returns digitally through MTD-compatible software.
Last month, we held our Making Tax Digital for VAT seminar at our offices in Leeds to help our clients understand the new regime and how it applies to their businesses.
Our Tax Director Joanne Powell shared her knowledge of the new rules, including which companies will be impacted by the changes, possible exemptions that may apply, a breakdown of what is staying the same versus what is changing and potential penalties.
We were also fortunate enough to be joined by Xero and Tax Systems: two companies offering different technology solutions to help companies comply with the new requirements. We would like to thank both companies for joining our event and helping our clients understand what software help they may need.
To receive our MTD fact sheet or if you would like a copy of the information we went through on the day, please email firstname.lastname@example.org.