Making Tax Digital (MTD) is less than 2 months away, are you ready? Cashtrak can help you!
Making Tax Digital (MTD) is an HMRC initiative designed to make sure the UK tax system is effective, efficient and easier for taxpayers. Making Tax Digital for business (MTDfb) begins on 1 April 2019 with MTD for VAT. From that date, VAT-registered businesses above the threshold of £85k will have to keep digital records and submit VAT returns using compatible software.
HMRC lists Xero as software that will be compatible with MTD for VAT Cashtrak are a silver Xero partner so we can submit your VAT returns.
Other components of Making Tax Digital, such as income tax and corporation tax, have been placed on hold until April 2020 at the earliest.
The process will be faster and more automated for businesses, accountants and HMRC, helping us save you valuable time. With the right software, Making Tax Digital will make it easier for small businesses to record and file their tax returns online.