Not ready for Making Tax Digital?
I was amazed to read yesterday that with just a few months to go before 1.2 million VAT registered businesses have to comply with the new Making Tax Digital regime, only 70,000 of them have signed up with HMRC.
Most businesses above the VAT threshold will have to start keeping their records digitally and send their VAT returns to HMRC directly from their software for VAT periods starting on or after 1 April (that’s 3 days from now!). This could especially be a problem if you’ve been keeping your records manually.
Even though HMRC have said for the first year they won’t issue filing or record-keeping penalties where businesses are doing their best to comply, but they will do so in cases of not signing up to the new regime. If you’re one of the 1.13 million businesses that haven’t yet signed up with HMRC, the best advice would be to do so as soon as possible. Of course we, at Golding & Associates can help. You’ll also need MTD compliant software such as IRIS Kashflow, which Golding & Associates can also provide support and training for any business to use.