What is MTD?
MTD stands for Making Tax Digital, and it involves keeping your records in a digital format, and then submitting your quarterly returns to HMRC in digital format.
From 1st April 2022, all VAT registered businesses must be MTD compliant and use digital software to submit their VAT returns. Until 2022, this has only been compulsory for businesses with turnovers in excess of £85,000 per annum.
The timescales and dates for filing your quarterly and annual VAT returns remain the same under this new regime.
What’s the best accounting software for MTD for VAT?
There are numerous accounting packages to choose from, and many have add-ins which make them extremely flexible and customizable for your business. The ones we recommend and use on a daily basis for our clients are industry leaders in cloud accounting software and include:
But we also use others where we have been specifically asked to do so.
What should you do now?
- Ensure that your VAT return is prepared on the right software and platform.
- If you haven’t decided which accounting software to use, get in touch with us and have a chat with one of our experts. Different packages suit different people and businesses.
- Decide whether it’s still worth being VAT registered. The benefits you gained may not be worth the effort involved in going digital.
- Realise that MTD is not going away, in fact, after MTD for VAT, many people will have to comply with MTD for income tax (including those whose income exceeds £10,000 from self-employment, partnership or rental properties) which comes into effect from 6th April 2024.
Who can help you with MTD for VAT?
We can! We can help you with:
- Choosing the best accounting software package for your business. You can even request a free demo.
- Assisting you with your VAT preparation, completion and filing within the new regime
- Oursourcing your VAT, payroll, self assessment and many other accounting tasks
- Business planning, forecasting and business growth advice.
What makes UHY Ross Brooke different?
- Our clients have access to our support team for their cloud accounting / software enquiries.
- Our team are really patient and will speak to you in a language that you can understand. But more than that, they take the worry away from you, leaving you to run your business.
If it all feels too complicated, just ask our specialists for advice. We’re happy to have an initial chat with you free of charge, so you have nothing to lose by calling us.