Making Tax Digital – Are you ready?Nikki
Are you ready for Making Tax Digital? If you haven’t made the switch by 7th August you could get fined!
In April 2019, HMRC’s digital tax initiative, MTD, came into effect to make VAT returns easier, more efficient and more accurate. The changes mean that any business with a taxable turnover above the £85,000 threshold will be required to file VAT returns electronically using accounting software, and will be obligated to keep digital records of all transactions.
With the deadline for preparing your business looming, this is your last chance to ensure that you are ready for the change. There are important steps that you need to take before the 7th August to avoid incurring fines.
Making Tax Digital Checklist
Follow our MTD checklist below or contact us on 0121 323 2304 for help getting your Sage accounting software ready for the change.
- Firstly, check that your accounting software is MTD-ready. For our Sage 50 customers, if you have a perpetual license and are using Version 24 or below you will need to add the Making tax Digital module.
- Before submitting your first tax return digitally, its best to prepare your data so that you know it is accurate moving forwards. For further help with preparing your data Sage has created this useful guide.
- You will need to register with HMRC for Making Tax Digital before the deadline on 7th August. It can take between 24-72 hours for your confirmation email to come through so you must do this before the final day! For more detailed information on signing up to MTD with HMRC follow this guide from Sage.
- As certified Sage Platinum Partners we can help and support you through the process of preparing your Sage 50 Accounts software for MTD. For help and advice call us, email us, or use our online chat facility.