Making Tax Digital is on its way!
In the coming years businesses will need to keep digital records of their finances and submit tax returns through HMRC-approved accounting software.
For starters MOST businesses with turnover greater than £85,000 (VAT threshold for 2018-19 tax year) will have to submit their quarterly VAT returns in this way WEF April 2019.
This story was covered by Radio 4 Money Box Live on Wednesday 24 October 2018.
We use FreeAgent to get ahead of the game
You may already be using an accounts software package which is recognised by HMRC as being ready to support MTD for VAT.
FreeAgent and Making Tax Digital
FreeAgent were one of the first software providers to be recognised by HMRC.
And they are participating in HMRC’s public pilot for MTD for VAT.
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