Welcome to a world with Making Tax Digital (MTD). You are officially operating in what HMRC aims to be one of the most digitally advanced, effective, and efficient tax administrations in the world. MTD is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and embrace digitalisation.
The first phase of the initiative, MTD for VAT, went live back in April 2019 - so you will have already begun to embrace this digitalisation.
The launch of MTD for VAT meant that companies and individuals with a turnover higher than the VAT threshold of £85,000 were mandated to keep digital records and submit VAT returns using compliant software.
With that in mind, we created this MTD for VAT guide to help you and your clients understand what is to come and how to make the transition as smooth as possible. It includes understanding the impact on your processes as well as a wide-ranging checklist, communication, and transition plan.
In addition to helpful guides and plans, find out how Wolters Kluwer and CCH OneClick will help you future-proof your practice for a world with MTD with a complete toolset.