Making Tax Digital for VAT began on 1st April 2019. Under the initiative, most VAT registered businesses with a turnover above the £85k threshold have to keep digital records and file their VAT returns using HMRC recognised software such as Xero.
For businesses whose quarterly VAT period started on 1 April 2019, the first deadline for filing returns under Making Tax Digital is 7 August 2019. Businesses paying VAT via direct debit need to be signed up with HMRC by 29 July 2019.
Making Tax Digital is a significant opportunity for businesses to migrate from desktop software to cloud accounting software. The Accounts Place are pleased to offer one to one training sessions for new Xero customers in the Banburyshire area in getting started with Xero and MTD. Contact us via the website for more details.