MAKING TAX DIGITAL: WHAT DO I HAVE TO DO BEFORE IT IS INTRODUCED?
September 28th, 2018.



The first raft of affected businesses will be those with a turnover above the VAT threshold (currently £85,000). They will have to keep digital records in relation to their VAT compliance, with a mandatory start date of April 2019.

A busy owner will no longer be able to log in and type in their VAT figures onto HMRC’s website – which is currently what 71 per cent of businesses do. Instead, they must move to electronic uploads from their accounting software package to HMRC’s system.

It’s important to be aware that HMRC will not be developing its own in-house software for this, so businesses will have to rely on software solutions that are currently on the market.

So, what can businesses add to their to-do list in the meantime?


For the full story at smallbusiness.co.uk CLICK HERE.