Making Tax Digital
From April 1st 2019, Making Tax Digital (MTD) will mean all VAT registered businesses turning over £85,000 or more will have to maintain their accounts information digitally and file their VAT Returns through a recognised accounting software system. This forms part of HMRC’s aim to be “one of the most digitally advanced tax administrations in the world”.
One of those most effected by MTD will be practice accountants whose workload will increase and evolve.
Accountants will not only have to provide relevant accounting to advise to their clients but inevitably have to provide some training and assistance about the software package they choose to use.
Gary Butt, Director of BYB Accountancy says “accountancy practises and businesses will have to work together because whatever your opinion of MTD you need to engage and embrace it “
James Pucknell, Associate Director of Graham Paul Accountants says “we are spending a lot of time setting up and training our clients on relevant software, whilst the main reason being to ensure compliance we are also using it as an opportunity to help them improve their record keeping at the same time”