Making Tax Digital (MTD) is the government’s plan to transform the tax system and move it online. MTD will affect most businesses from April 2019 with further changes expected in 2020.
From 1st April 2019, all businesses who are VAT registered businesses will soon be required to use a digital, cloud-based accounting solution and automatically submit their VAT returns to HMRC through a ‘MTD compatible software’. The government began inviting VAT registered businesses to join the scheme for VAT (through a ‘public beta’) on 16th October 2018.
By helping you save time on accounting, cloud based accounting software frees you up to focus on growing your business. With all your financial information in one place, you can gain a better understanding of your business with an instant overview of your financial position.