Making Tax Digital (MTD) for VAT is only few months away. From 1 April 2019, all VAT-registered UK businesses above the £85,000 VAT threshold will need to keep records digitally and submit VAT returns to HMRC using MTD-compatible software. Over the coming months, we’ll be working hard to make sure all of our clients are on our online platform and ready for MTD.
What is MTD?
The UK government’s ambition is to become one of the most digitally advanced tax administrations in the world. Making Tax Digital (MTD) is the core to this initiative. The government believes that MTD will to make it easier for individuals and businesses to get their tax right and keep on top of their affairs.
Are you MTD ready with VAT?
The good news is yes you are! The great news is there’s nothing you need to do, because WIS Accountancy’s accounts are already on WISe, our online platform. The team at WIS have been busy building their MTD functionality and are working closely with HMRC to have it ready in time for April 2019. Once the functionality is ready, the team at WIS will ensure we’re well-equipped to support you with your MTD compliance.
What is expected of you?
You need to keep updating your expenses on a regular basis using either our online web portal or online app. You also need to send us your business bank statements on a regular basis as a CSV file – this will ensure you meet the MTD requirement.
Want to know more?
If you have any questions about WISe or Making Tax Digital, please don’t hesitate to get in touch. We’d love to hear from you.