payment

Blog Post

Making Tax Digital- Are you ready?

Making Tax Digital – Are you ready?

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.

Related Posts

Software: Perpetual Vs. Subscription – what’s best for business?

One of the most important questions to consider when purchasing software is Perpetual versus Subscription

Small Business Tips To Tackle Late Payment Culture

Small businesses employ more than half of all private sector workers and together they contribute more

Sage 50 Accounts 2017 v23 – What’s New

The release of Sage 50 Accounts 2017 v23 comes with new functions and features you

Sage 50 Accounts 2016 v22 – What’s New

The release of Sage 50 Accounts 2016 v22 comes with new functions and features you

NEW Sage 50 Accounts – Subscription

Sage 50 Accounts is the market-leading accounts software that puts customers in complete control

NEW Sage 50 Accounts – Subscription

Sage 50 Accounts is the market-leading accounts software that puts customers in complete control

NEW Sage 50 Accounts – Key Features

Sage Drive live access to your data Sage Drive gives your business the flexibility and

Sage 50 Accounts – Sage Drive

With the release of New Sage 50 Accounts V21 comes the release of Sagedrive.

Foreign Trader module for Sage Accounts

If you trade overseas, you can add the Foreign Trader module to Sage 50 Accounts, Sage

Sage 50 Accounts Mobile

Access your Sage 50 Accounts data from wherever you are with the Sage 50

Sage Training London

Sage Training London (North London) – Official Sage Training Centre Get the skills and knowledge

Sage Training Manchester

Sage Training at Manchester office – Official Sage Training Centre Get the skills and knowledge

Softext new branding and new website. What does everybody think?

Hello We have recently gone through a re brand process and a complete new design