Making Tax Digital is now upon us – if you haven’t already taken action, you must take action NOW – you must register for Making Tax Digital.
This Government initiative requires all VAT registered businesses with a turnover over the VAT threshold (currently £85,000) to register for Making Tax Digital. The scheme requires these businesses to maintain their accounting records digitally, enabling their VAT returns to be linked back to those records, ie. Businesses will no longer be able to manually input the data into their VAT return. This requires the use of cloud accounting software, such as QuickBooks, Xero and FreeAgent. To view a presentation on Making Tax Digital from our Cloud Accounting Manager, Siobhan, click here.
If you have any queries about Making Tax Digital contact us here.