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.

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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.

The people who cannot use digital tool due to various reasons such as religion, age, remoteness, disability etc. The unincorporated businesses and landlords with annual sales below the threshold of £10,000.
After signing up, the candidate will receive a confirmation e-mail within 72 hours and the returns can be submitted by using the compatible software.
The software must let the candidate to submit the VAT returns. The software must be compatible with making the Tax Digital for VAT.
The MTD brings information about the taxpayers in one digital place. The availability of the information helps individuals and businesses to know how much they need to pay via thorough check through any digital device.
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