How to Get Ready for Making Tax Digital | Advice & Tips from Aston Shaw

How to Get Ready for Making Tax Digital

July 2018

Making Tax Digital (MTD) is a term you have most likely come across before, and it’s a term you will be hearing a lot more of as the deadline approaches and the Government ramps-up promotion.

In a nutshell, Making Tax Digital (MTD) is, as its name implies, a digitised tax system that will completely change the way tax records are kept and how information is sent to and received from HM Revenue & Customs (HMRC). MTD will be gradually phased in from 1st April 2019, starting with VAT and eventually being rolled out for all other taxes.

MTD will affect all businesses eventually, so the most important question you should be asking yourself right now is;

How can I prepare for Making Tax Digital?

  1. Start using cloud accounting software. This is our top recommendation for getting MTD ready. The benefits of switching to modern accountancy software stretch far beyond just MTD. We can help with this.
  2. Look at your VAT adjustments – check whether they are correct and how they flow through to your VAT account, as this will now be visible to HMRC.
  3. Review your internal processes, systems and practices. Contact your software providers IT teams and ask what they can do to help you get MTD ready.
  4. Test your data. Check to see whether your VAT-related data is accurate, up to date and that you’re using the correct VAT codes.
  5. Set aside time for switching to MTD, consider the costs and potential disruption to your business.

These are our top 5 recommendations for getting MTD ready. If you need help with getting your business, then please get in touch.

Leave a Reply

Your email address will not be published. Required fields are marked *

Sign up for our news and business insight newsletter

No spam. No waffle. Just useful, practical and valuable news and insight, straight to your inbox. We always protect your personal data.

Aston Shaw Twitter Logo

WIN some great prizes in our Run Norwich Photo Competition! For more details and to enter head to > https://t.co/x3F1cEOkYL #RunNorwich #RN19 pic.twitter.com/n8CCn7Jj0x

About 11 hours ago from Aston Shaw's Twitter via Hootsuite Inc.

Client Login

Secure Document Exchange Login

To request access to use the Client Login feature, please email:


client@astonshaw.co.uk

Username:
Password:

You have Successfully Subscribed!

Secure Document Exchange Login

Please email or call your Client Manager directly to be set up with access or if you have lost your login credentials.


Username:
Password:

You have Successfully Subscribed!