Only 6% of SMEs Are Making Tax Digital Ready!
Are you MTD ready for next week?
Are you one of just 6% of businesses ready to go Making Tax Digital (MTD) – a compulsory HMRC requirement – for 1stApril?
1.2 million small businesses are obligated to comply wtih MTD by 1stApril. Are you one of them?
Are you VAT Registered?
Do you turn over more than £85k?
You MUST comply with MTD.
MTD is not an option, choice or preference. It’s compulsory!
There are only 5 days to go! The clock is ticking.
MTD requires compatible software with the HMRC’s online systems.
Available online, and many for free, you can find a suitable system from providers such as Sage, Quick Books, Clearbooks, Xero and FreeAgent.
Additional Tax Return Information Requirements
MTD requires your business to provide additional information. This is so that predications, forecasting and anticipating peaks and pits can be managed more effectively by businesses, HMRC claims.
Your MTD will require the following information: business trading name, registered address, VAT registration number, VAT schemes your business is part of, time/tax point of supply, value including net and rate of chargeable VAT and values of VAT reclaimed and non refundable amounts.
Even if your turnover drops to under £85k during the year you are still required to comply with MTD.
Exemptions: Concessions & Delayed Start
Whilst there are a small number of businesses that will either be exempt from MTD or will be given a concessionary MTD delay date until 1st October, the vast majority of SMEs will be required to go MTD by 1stApril.
For more information, visit the HMRC website – www.gov.uk– and search ‘making tax digital’.