What does Making Tax Digital (MTD) mean for Businesses?

Howard Worth Chartered Accountants and Business Advisors are running a series of events to help prepare businesses for the implementation of the Making Tax digital system in April 2019.

VAT Registered Businesses with a turnover above the VAT threshold (£85,000) will be required to maintain their business records digitally, submitting their VAT Return through software that is MTD compliant. Paper records and the current online form will not be suitable methods of providing VAT return information. The new system is mandatory and HMRC will be imposing penalty points and fines for non-compliance.

Howard Worth have been planning for the implementation of Making Tax Digital for some time and want to help to make the move to this new system as straightforward as possible. The practice has a specialist MTD taskforce in place and staff are highly skilled in using various accounting software, some of which are “Super Users” who can help to advise and train businesses to use the software.

To help prepare and inform businesses about MTD Howard Worth are running a number of free seminars, the first of these are being held at their Gadbrook Park office on Tuesday 1st and Wednesday 23rd of May. You can book to attend these seminars by visiting the events page of their website www.howardworth.co.uk/events or call the marketing team on 01606 369000.

Tim Lwin, Tax Partner encourages businesses to prepare in advance of the new system becoming live. “Even though there is a year before Making Tax Digital starts, it is vital to understand what the new system involves and what changes you may need to make to adhere to its requirements. You may need to purchase MTD compatible software to submit your tax returns online and this can take time to set up and adjust to using”.