HMRC – Making Tax Digital
This is an initiative by HM Revenue & Customs in the United Kingdom to make it easier for businesses to submit their tax returns.
VAT Registered businesses whose turnover is over the tax threshold will be required to submit their VAT returns digitally from 1st April 2019. This will have to be done by using Maxing Tax Digital (MTD) compatible software.
At this stage, the project is still in its initial testing and the Omni Accounts Support Team, as well as the HMRC’s SDST (software developer support team), are available to be on stand-by for a business doing its first submission.
Other components of Making Tax Digital (MTD) such as income tax, are expected to be only implanted by April 2020 at the earliest.
Making Tax Digital
It is recommended that you visit the HMRC website to obtain all the information on the MTD project.
The advantage of MTD will be an easier way of submitting VAT returns, especially for smaller businesses.
If you already use the Omni Accounts Vat Return function then, after the initial setup, the submission process is seamlessly built into preparing your VAT Return in Omni Accounts.
Contact Omni Support if you wish to learn more.