MAKING TAX DIGITAL FOR VAT
As an initiative to keeping up with the digital trend, HMRC has introduced a system allowing individuals and business owners to keep up and operate smoothly by transferring taxes on a digital platform. This allows for efficient data recording and submission to and from HMRC.
MTD has been implemented in phases with the initial phase focusing on VAT registered businesses from 1st April 2019 with gradually encompassing other taxes. Our team can assist with important queries relating to MTD, deal MTD registration with HMRC on your behalf and keep your company compliant with changes.
Who are affected:
- VAT Registered business whose turnover is above the current VAT threshold of £85,000 will be part of the initial phase.
- Sole traders, companies, LLPs, partnerships, and charities.
- Businesses with a lower turnover will also have the option to file their VAT information following the MTD guidelines should they wish to do so.
For more information on what Patni & Co Limited do for you, please contact us.