Is your business ready for Brexit? The UK left the European Union on 31 January 2020 and entered a transition period which is due to end on 31 December 2020.
MAKING TAX DIGITAL – MTD
From The 1st April 2019 VAT registered businesses must send their VAT returns to HMRC using MTD software.
If your taxable turnover drops below the VAT threshold, currently £85,000, you must still submit returns through MTD software unless you deregister or are exempt from MTD for VAT.
Even if your business is below the VAT threshold you can sign up for MTD for income tax purposes.
Is my business compatible to sign up for MTD?
Business records will need to be kept digitally from the start of your accounting period. If you don’t keep digital records or your software isn’t compatible you will need to look for suitable software.
HMRC have provided a list of suitable and MTD-compatible software here:
For more details on MTD follow the link below: