Making Tax Digital
Making Tax Digital starts on April 19th 2019. We can help you transition painlessly & cost effectively whatever version of Sage you’re using. Call 0845 644 8770 today and avoid the last minute rush!
The government initiative of Making Tax Digital (MTD) will move tax and national insurance contributions to online payments. This means all tax and NIC records will need to be kept online with compliant software. This will save the treasury an estimated £8billion each year through avoidable errors, but also give your business an current view of your tax position.
MTD is one of the largest reorganizations of the tax and NI system ever seen. It will affect your business (subject to a very few exemptions) and accountants alike. Sage, a UK born and bred company is working closely with HMRC to ensure that when the time comes their systems support the latest MTD regulations.
- April 2019 – MTD VAT mandatory for businesses with £85,000+ turnover
- April 2020 – Potential date for all other taxes
Does my business have to comply?
There have been changes to the rollout of MTD and a scaled back version is being implemented. Businesses that need to comply with MTD are as follows:
- Only VAT registered business with a turnover above the VAT threshold will need to keep digital records but only for VAT purposes
- Other business will NOT need to keep digital records or update HMRC quarterly for other taxes (primarily corporation and income tax) until April 2020 at the earliest
- Voluntary submission for income tax will be accepted prior to April 2020, although details have yet to be announced
- Prior to April 2020 VAT registered business where turnover is below the £85,000 threshold
- CASCs (Charities & Community Amateur Sports Clubs)
- Those that fall as ‘Digitally excluded’ under the Equality Act or those who cannot get online through proven practical or religious reasons
As a Sage Strategic partner, we are here to help you transition to MTD as smoothly as possible. Whether you are an accounting firm or SME call Technology Partners Ltd today to discuss how to migrate to Making Tax Digital as painles and cost effective as possible.
Technology Partners Ltd are a Sage Strategic Partner, developer & integrator. Making Tax Digital is easy with Sage Business Cloud. We can integrate Sage 200 & other versions of Sage quickly and effectively for Making Tax Digital.
We can help you transition painlessly & cost effectively. Call 0845 644 8770 today and avoid the last minute rush!