Making Tax Digital – or MTD – is the UK’s biggest tax shake-up in a generation. If you file a VAT return, you’ll soon be required to do it in an MTD-compliant way. That’s because HMRC is moving towards a fully digital based tax system.
MTD is being introduced in stages. Your annual taxable turnover will determine when you need to start taking part. You can find more details in HMRCs VAT notice for MTD on GOV.UK
There are four main benefits of MTD to small businesses:
HMRC have made it very clear that these new measures are law, and failure to adapt will result in a series of fines for businesses that don’t conform. These fines will be lighter at first, but down the line persistent offenders could be fined the value their entire VAT bill!
Needless to say, compliance is the only sensible option. After all, a fine is a needless expense when it could easily be avoided. Speak to us at Hammond and Co and we will make sure your business is ready for Making Tax Digital with the minimum amount of expense and hassle.
Cloud accounts allow you to automate many tasks and we will do the rest, freeing you to earn money not count it!
Be informed and in control of your budget. With Hammond it’s taken care of.
Dedicated advisers in person, by phone, email, skype or screen-share.
Wherever, however you need, we ensure issues are heard & resolved fast.
Access your accounts whenever you need them, accurate to the minute.
Be informed and in control of your budget no matter where you are.
Accounting online may cost you as little as… nothing! Faster and free.
Paperless invoicing and expenses help you & help the environment.