Making Tax Digital (MTD)
Making Tax Digital (MTD) will come into effect from April 2019. At Ahmad Accountants we ensure that we comply with HMRC requirements and file all VAT Returns prior to the deadline date for all our clients.
MTD is a new concept enforced by HMRC, which introduces fundamental changes in the way tax documentation is processed and submitted. This new implementation will allow the tax system to operate in a more efficient and effective way, which not only saves time but helps tax payers understand the payment process.
Under the new MTD process all VAT registered companies with a taxable turnover above the VAT threshold (currently £85,000) will be required to keep records in a digital form and file their VAT Return via a commercial software.
Timeline:
April 2019
Making Tax Digital mandated for all customers
October 2019
Making Tax Digital mandated for customers that have been deferred
When will your first MTD VAT return start?
VAT Periods First Mandatory
MTD VAT Return
Jan-Mar/Apr-June/July-Sept/Oct-Dec Apr-Jun 2019
Feb-Apr/May-July/Aug-Oct/Nov-Jan May-Jul 2019
Mar-May/Jun-Aug/Sept-Nov/Dec-feb Jun-Aug 2019
At Ahmad Accountants we are up to date with the latest accounting software which makes the new MTD process simple and straighforward, as it means that we are able to process client accounts via an excellent commercial software.