Are you prepared for Making Tax Digital? Making Tax Digital for VAT is new government legislation for businesses, coming into force from April 2019. If your business is above the VAT threshold, you will need to take action to prepare yourself for the deadline. If you have not begun the transition yet, you will need to do so as soon as possible. At Perrigo Consultants, we can tell you everything you need to know about Making Tax Digital (MTD), recommending software, telling you how everything works, what your obligations are and enabling you to get to grips with the new system.
Does MTD affect me?
The legislation will start on 1st April 2019 and will affect you if you have a turnover of £85,000 or more. If the legislation does apply to you, you will require MTD-compatible software with an Application Programme Interface or API so you can file your returns. It’s important to note that HMRC won’t be providing this software, so you will need to seek out your own solution. We can advise you on this. The API is needed to connect your software with HMRC’s systems. You will need to have the API in place as soon as the compliance period begins. However, you won’t face penalties if you file your records incorrectly between April 2019 and the following April. Yet it’s important to note that if you miss a return, your business could face an enquiry by HMRC, and you may be met with a penalty.
What is the purpose of MTD?
Making Tax Digital is designed to help individuals and businesses keep on top of their tax affairs, making tax administration and management ‘more effective’ and easier for taxpayers to ‘get their tax right’, according to the Government website. HMRC has been talking to a number of stakeholders about their MTD concerns and has a delayed mandate for some businesses with complex tax affairs until 1st October 2019. These customers can test the service before they are obliged to join.
Why Perrigo Consultants?
At Perrigo Consultants, we specialise in providing accurate, up-to-date and relevant tax advice to a wide range of businesses and individuals. Why not get in touch today to arrange your free, confidential no-obligation consultation? We support customers and clients across Worcestershire and the West Midlands and are able to offer a personalised service specifically targeted at those based in the local region. There are no hidden extras to worry about when it comes to fees, and we can provide all the support you need to help you remain in control of your finances. You can count on us to take care of all your tax and accounting requirements and are able to offer services including accounts, bookkeeping, self-assessment, VAT returns and tax planning.
We are passionate about helping you grow and protect your business, providing clear, jargon-free advice that gives you all the clarity that you require. To get in touch with us today and find out more about Making Tax Digital, complete the contact form on the site, call 01299 488860 or send a message to email@example.com.