1. What is Making Tax Digital (MTD)? – It is a government way to narrow the tax gap by encouraging businesses to be more effective and keep better accounting records.
  1. What’s in it for me? –  All businesses benefit by having better financial information to hand. MTD will enable better business decisions, better advice from us and keep you up to date on what tax you need to pay. This will make it easier obtain finance should you need it.
  1. What do I have to do? – You will need to get in touch with us and discuss your individual needs and requirements. We can advise on the best system to streamline the process and of course, can provide as much support as you need. The overall need is to keep your accounts digital because you will have to submit quarterly reports to HMRC instead of old annual tax returns. There will be now a fifth submission at the end of the year.
  1. What are the deadlines? – MTD will cover VAT Returns from the first of April 2019 for VAT Registered Businesses with a turnover over £85,000.  For other businesses, MTD will start in April 2020 of after.  So for example, the first period will be;
    1. 01 April 2019 to 30 June 2019 – deadline 7 August 2019.
      1. Digital records must be kept from the 01 April 2019.
    2. 01 May 2019 to 31 July 2019 – deadline 7 September 2019.
      1. Digital records must be kept from the 01 May 2019.
    3. 01 June 2019 to 31 August 2019 – deadline 7 October 2019.
      1. Digital records must be kept from the 01 June 2019.
  1. How can my accountant help? – We can help you with using suitable accountancy software; including training and support to get you started. This software has no monthly charge and will remain free for as long as you remain a client of DMO Accountants. The idea is that with the right business procedures in place, this should not be a time consuming process – and therefore, frees up your time to focus on growing your business.

Get in touch with DMO Accountants in the following ways;

Book a meeting with us at our Wellingborough office – click here!

Would you like a quick online quote – click here!

Or Call us on – 01933 229944

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