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Making Tax Digital Checklist: Make Sure Your Business is Ready

Prepare your business for Making Tax Digital (MTD) with this checklist. Understand requirements, software upgrades, and benefits of MTD. Get ready for the HMRC deadline.

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Making Tax Digital Checklist: Make Sure Your Business is Ready

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  1. Making Tax Digital Checklist: Make Sure Your Business is Ready Making Tax Digital (MTD) is one of the biggest shakeups even seen in the UK. HMRC is mandatory for all small to large size businesses to file VAT returns online. With HMRC it makes it easier for businesses to get a clear and accurate audit trail. If you have implemented Making Tax Digital Software for your business, then it’s important to understand how one can affect you when you need to prepare for it.

  2. What do you need to get the business ready? If you’re already using accounting software, then you need to check that your software provider will require upgrading with making Tax Digital Software compatible. HMRC will only accept VAT returns provided by the software to support Making Tax Digital for Business. As per research, there are around 150 service providers such as SAP, Microsoft and more, who work very closely with HMRC to have MTD functionalities ready for April 2019. There are lots of companies who fall somewhere between two extremes will still keep all the records on paper by using MTD fully embraced accounting software that is used already. If we check current scenarios, then 99% of VAT returns will file online on HMRC. Moreover, there are 15% of those who file directly through accounting tool where you don’t have to enter the VAT figures into the existing HMRC portal manually. We have advice for all VAT registered businesses is that one needs to start preparing now and move it to the digital cloud-based platform. Use any software conversions and internal training to undertake the before the deadline.

  3. Benefits of Making Tax Digital for Business For many of them Making Tax, Digital software looks like difficult process from which you need to understand and look into quickly realise to see the tax balance before year-end to help you to prevent errors and stop tax repayment at a larger stage. Use the key personnel to act upon any potential problems immediately. If we look at the central system that provides transparency of data will include all liabilities and entitlements. If your information is stored in the cloud, then you needn’t have to worry about the damage and loss. Get the vast business benefit to having a better grip on your finance.

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