By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Start Your Business Magazine
  • Topics

    Grow, expand and leverage your business..

    Grow your start up business with our experts and industry insiders…

    Get Started

    Quick Links

    • Finance
    • Marketing
    • Technology
    • Business Books
    • Wellness
    • Interviews
    • Franchise

    Our Newsletters

    Our website stores cookies on your computer. They allow us to remember you and help personalise your experience with our site..

    Read our privacy policy for more information.
  • Trending
    TrendingShow More
    Communicate Better
    Start Your Business Start Your Business
    Majority of UK Employees Looking for a New Job
    Start Your Business Start Your Business
  • How To
    How ToShow More
    Tips for Running a Restaurant in the Most Efficient Way Possible
    Start Your Business Start Your Business
    Becoming self employed…
    Start Your Business Start Your Business
    Vet Start up
    Start Your Business Start Your Business
    Builder’s Growth
    Start Your Business Start Your Business
    Market for Construction
    Start Your Business Start Your Business
  • Agenda
    AgendaShow More
    The Great Resignation or Quiet Quitting
    Start Your Business Start Your Business
    Employee Support
    Start Your Business Start Your Business
    Teamwork
    Start Your Business Start Your Business
    Office Environment
    Start Your Business Start Your Business
    Health & Benefits
    Start Your Business Start Your Business
Reading: Making Tax Digital:
Connect
Start Your Business MagazineStart Your Business Magazine
Aa
  • Contact
  • Blog
Search
  • Agenda
  • Blog
  • Finance
  • Growing
  • Marketing
  • Opportunity
  • Starting Up
  • Technology
  • Wellbeing
  • Contact
Have an existing account? Sign In
Follow US
  • RSS
  • Terms And Conditions
  • Privacy Policy
  • Contact
  • Licensing
Copyright © 2014-2023 Ruby Theme Ltd. All Rights Reserved.

Making Tax Digital:

Start Your Business
Business News
Share
3 Min Read

 What Do Businesses Need To Know?

Making Tax Digital (MTD) is a HMRC initiative to help make it easier for businesses to get their tax right. Ultimately, MTD will affect every business and companies need to understand how a business can prepare for each stage of the MTD roll out.

Stage one of the initiative begins on 1 April 2019. VAT registered businesses, with turnover above the VAT threshold (currently £85,000) will have to submit their tax records digitally and provide their VAT return information to HMRC through MTD compatible software. Submitting VAT returns through HMRC’s Government Gateway will no longer be possible.

Stage two will roll out in April 2020 where the remaining VAT registered companies (those voluntarily VAT registered and those with VAT-able turnover under £85,000) will need to submit their VAT returns using a compatible software.

Eventually, after a successful roll out of MTD for VAT, all trading companies, sole-traders, landlords and partnerships will need to use MTD software to keep a digital record of financial transactions.

Business owner’s need to decide whether their business will be impacted by stage 1 of MTD. If it’s clear that the business will be affected, then they need to consider how much impact there will be. It’s also important to consider getting a better understanding of the changes if a business is approaching the VAT threshold or if they’re new and growing. Taking a proactive approach in understanding the changes and potential impacts will ensure they’re not surprised or left in the dark when the time comes.

If a business is already using accounting software, then the change may not be so disruptive. It may be a simple process of using the software’s update features to continue processes similar to how they do it now, by simply submitting the results through the software.

Companies may currently be using old or out-dated accounting software that will never be compatible for MTD. The company’s provider will be able to update them on their processes but it’s important to look at other software options, such as OGL’s prof.ITplus business software solution, that will work with a business’ processes and allow them to submit tax returns using the new MTD approach.

If they currently submit tax returns in a manual, paper process or with spreadsheets then they’ll need to consider ways to replace the existing process with a digital approach that will allow them to submit tax records through software compatible with MTD.

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.

By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Start Your Business December 14, 2018
Share this Article
Twitter LinkedIn Reddit Email Copy Link
  • RSS
  • Terms And Conditions
  • Privacy Policy
  • Contact
  • Licensing

Get the latest from us delivered straight to your inbox

Start Your Business Magazine: The Ultimate Business Start Up Guide provides information advice and guidance for entrepreneurs and new business start ups. Get the latest from us delivered directly to your inbox.

Our website stores cookies on your computer. They allow us to remember you and help personalize your experience with our site..

Read our privacy policy for more information.

Copyright 2023 Gambit Interactive Media Limited – All Rights Reserved.

Manage Cookie Consent
To provide the best experiences, we use technologies like cookies to store and/or access device information. Consenting to these technologies will allow us to process data such as browsing behavior or unique IDs on this site. Not consenting or withdrawing consent, may adversely affect certain features and functions.
Functional Always active
The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
Preferences
The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
Statistics
The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
Marketing
The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
Manage options Manage services Manage vendors Read more about these purposes
View preferences
{title} {title} {title}
Join Us!

Sign up to our free newsletter and never miss a hot topic!

Zero spam, Unsubscribe at any time.
Go to mobile version
Welcome Back!

Sign in to your account

Lost your password?