Latest Overview on Making Tax Digital
HMRC’s vision to digitalise the UK tax system is now well underway. The process started in April 2019 with VAT registered businesses with turnover exceeding the VAT threshold (currently £85,000) being required, from this date, to use commercial software to maintain their VAT records and send their VAT information to HMRC.
As part of its Making Tax Digital policy, HM Revenue and Customs (HMRC) has said the majority of businesses will be required to use software and apps to keep their records and to update HMRC on a quarterly basis. Making Tax Digital is a significant change for most businesses which is why our team at Nicklins provide extensive support with the transition. We already offer full support for the Xero, Quickbooks On Line and SageOne online accounting packages and we believe that moving to an online accounting package now is likely to make the transition to the Digital Tax system much easier. Full details of our online accounting offering are available here.
Income Tax and Corporation Tax
Whilst latest murmurings indicate a potential delay in the implementation of MTD for income tax and corporation tax returns, from the initially stated date of April 2020, this is yet to be confirmed by HMRC.
Are you ready?
At Nicklins we are here to help our client’s ensure they are as prepared as possible for the changes ahead both by keeping you up to date with the latest developments as released by HMRC, and the software providers, but also in providing you with new and improved online accountancy software and bookkeeping options through our online accounting options.
To find out how we can help your business comply with Making Tax Digital, please contact our team now.