What is MTD (Making Tax Digital)Nikki
MTD (Making Tax Digital) is a HMRC initiative to digitise the UK tax system. The main aim is to make it more effective, efficient and easier for individuals and businesses to get their tax correct.
This new tax system will require the majority of business owners to maintain digital records using compatible software.
As of April 2019, businesses with a taxable turnover above the VAT threshold of £85,000 are required to file their VAT returns electronically using accounting software, and are obligated to keep digital records of their transactions.
Manual submission through the HMRC gateway for VAT will no longer be accepted for most businesses.
Is my Sage 50 Accounts compliant with MTD (Making Tax Digital)?
If you current subscribe to Sage 50c Accounts and you have v24.2 installed this is ready.
If you have a perpetual Sage 50 accounts software licence and on v24.2 you will need to order the MTD module for an additional cost (annual fee)