Making Tax Digital (MTD) is a fundamental change and digital transformation of the UK tax system. The aim of the system is to move away from manual accounting and towards digital record keeping to improve efficiency.
From April 2019, VAT registered businesses with a turnover above the VAT threshold of £85,000 will need to maintain their accounts digitally and submit VAT returns electronically through MTD compliant software. Paper based record keeping will no longer be acceptable under the new legislation.
This means that VAT registered businesses need to act now to ensure they are compliant with the new changes. This also applies to businesses that are likely to reach the VAT threshold within the next year. Eventually the changes will be applied to all businesses but this will not happen before 2021.
With one in five businesses still in the dark over Making Tax Digital, we have put together a free workshop run by an accounting specialist that will give you everything you need to know to prepare your business for the changes under MTD.
The workshop will cover:
- An introduction to Making Tax Digital
- Timeline for MTD and deadlines for VAT submissions
- Who is and isn’t required to submit VAT returns under the new system
- Software options, costs and how to choose compliant accounting software
- An in-depth, practical demonstration of one HMRC approved software option
- Required steps to comply with MTD and penalties for non-compliance
- Q & A session
Attendance is free but places are limited so please register early to avoid disappointment.
To be eligible to attend this free workshop you need to be based in one of the following local council areas: East Devon, Mid Devon, West Devon, South Hams, Teignbridge or Exeter. If you are unsure, you can check by entering your postcode into the Government Council Checker. You can find further details about the eligibility criteria here. Please note that agricultural businesses are not eligible to attend this free workshop under this funded support.