Making Tax Digital is Here! What do I need to do?
Making Tax Digital (MTD) went live 1 April 2019
But you’ll be pleased to hear that Xero switched over to Making Tax Digital for all users last week. Don’t panic, the first relevant VAT return that needs to be filed under Making Tax Digital is for the 3 months ended 30 June 2019, so we have plenty of time to get you sorted, if you’re not.
Who has to sign up for Making Tax Digital?
Most businesses with turnover over £85,000 (the current VAT threshold) have to file via MTD, but check with us or HMRC to see if that includes you, as there are some exclusions.
What do you need to do now?
- Make sure you’re a client of ours, as we’re MTD Ready!
- Give us the nod to say you’re happy for us to sign you up to the new MTD portal now.
- Look out for an email from HMRC asking you to verify your email address. This is so that you’ll get notifications directly from HMRC, for DD payments, filing deadlines etc
- Follow any instructions, or requests for info that we send you.
What if you’re filing your own VAT Returns?
- If you’re managing your own VAT returns, you will need to sign up your business for MTD yourself.
- Make sure you’re using MTD compliant online accounting software (for us it’s Xero)
- Ask us if you need any help
What happens next?
- Make sure you keep an eye out from emails from us as we move you over to the new HMRC and Xero MTD portal.
- Get excited!
- Feel smug that you’re ahead of the game, and are all set for your first VAT return through MTD!
- Come and talk to us about all the amazing benefits of getting your business online (MTD is just the start!)
- And do keep asking questions. We’ve got this, and we’ve got you, but it’s important that you have no worries or concerns, so questions are good.
- There’s no such thing as a stupid question!
All you need to do now is have a chuckle at Xero’s new MTD Mascot Dexter! Making Tax Less Taxing below..
And do have a look at our MTD Resources:
What’s the latest? – the finer detail on MTD
How much will MTD cost me? – for those of you worried about additional costs (spoiler alert – very low costs!)
What’s in it for me? – the benefits of moving online, and some of our favourite apps
Our top 10 favourite apps for business – a great start to getting online
Thank you for reading. Email Sharon if you’d like us to get you #MTDReady
Kinder Pocock are an approachable cloud-savvy firm of accountants based in Herefordshire but supporting businesses on the move.
We specialise in Security, Design and Indie Hospitality businesses.
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