Making Tax Digital – Your Questions Answered

2.  What does this mean for my business?

For businesses with a turnover above £85,000, MTD is less than one year away. If that includes you, you will need to purchase/update your commercial accounting software to an MTD-ready version before April 2019.

If you submit VAT manually through the post or online (using the existing Government Gateway tool), you will have to integrate commercial accounting software into your business before April 2019 as these forms of submissions will no longer be accepted by HMRC.

If your business chooses to join the HMRC pilot and begin submitting returns via MTD before April 2019 it will give your organisation more time to prepare before it becomes compulsory.

Businesses will not be asked to start digitally keeping records or submitting information for other taxes until at least 2020.