Almost 1.2 million businesses have one month to go until the introduction of Making Tax Digital (MTD) for VAT.
Nearly 30,000 businesses have already signed up to the new service which will give them a more integrated approach to business and tax. Its aim is to reduce the time they spend on administration in the longer term and make it easier for them to get their tax right.
For VAT periods from 1st April 2019, most businesses above the VAT threshold will need to keep their records digitally and submit their VAT return using MTD-compatible software. HMRC has written to every business that will be mandated with information on what they should do and how.
Mel Stride, Financial Secretary to the Treasury, commented, “It has never been more important for businesses to be able to seize the opportunities that digital technology offers. Making Tax Digital helps them to do just that – making it easier for businesses to get their tax right first time by transforming how they keep their records and send information to HMRC.
“It will give businesses more control over their finances, allowing them to spend time focusing on innovation, growth and the creation of jobs.”
Theresa Middleton, Director of the Making Tax Digital for Business Programme, added, “There are over 160 software products for businesses to choose from with a range of prices, including some that are free, offering different levels of functionality to suit every business. It’s time to get on board and join the thousands of businesses already experiencing the benefits of MTD.”
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