WHAT IS MAKING TAX DIGITAL?
For VAT periods starting after April 2019, VAT registered businesses (including self-employed and landlords) with a turnover above the VAT registration threshold (currently £85,000) now have to provide their VAT return information Digitally to HMRC through Making Tax Digital compatible software.
From April 2022, the plan is to introduce MTD to all VAT registered businesses including those who have voluntarily registered and have a turnover below £85000.
The simplest way to comply is to start using a cloud based bookkeeping package. All packages will be conversant with HMRC requirements allowing you to file accurate information on time and avoid penalties.
At EA Assist we can find the right package for you and your business, get you registered, set up and provide training so you can keep on top of your own bookkeeping or you can outsource to us and we will manage it all on your behalf.