Making Tax/VAT Digital
The HM Revenue and Customer (HMRC) has come up with the initiative of Making Tax Digital (MTD). The initiative aims to make the tax procedure easy, clear and practical for individuals as well as businesses.
Making Tax Digital will be effective from April 2019. The MTD is applicable for VAT registered business with a threshold of taxable turnover to be above £85,000.
The business organizations with sales over VAT threshold needs to file there VAT returns to HMRC using MTD compatible software. The HMRC has the vision to widen the scope by digitizing the Income Tax and Corporate Tax by the year 2020.
SK Accountants and Tax Consultants Ltd would assist you in some or all of the activities involved in the process of MTD.