Making Tax Digital deadline fast approaching for charities
In August 2019, HMRC made the switch to digitilisation with its Making Tax Digital reforms for registered businesses with a taxable turnover above the £85,000 threshold. The aim of these reforms is to make submitting VAT returns more effective, efficient and easier so that businesses can get their tax returns correct.
HMRC allowed some charities an extra six-month delay period to prepare for Making Tax Digital, which will come to an end on 1st October 2019. The MTD regulations apply to all UK registered charitable trusts that pay VAT and tax, and requires organisations to keep digital records and complete tax returns using MTD compliant software.
Our Making Tax Digital checklist is a good place to start to ensure your organisation is ready for the changes. Our Sage 50cloud Accounts software is also MTD-ready and makes accounting for your organisation much more accurate and effective.
As a Sage Platinum Business Partner, we are well equipped to offer advice on preparing your accounting software for Making Tax Digital. There is also a guide from HMRC on its website which contains all of the essential information.
If you require help getting your charity or charitable organisation ready for Making Tax Digital, give our experts a call on 0121 323 2304 or email us at firstname.lastname@example.org