If your business generates revenues of £85,000 or more, there is less than a year to go before you need to be ready for Making Tax Digital.
From April 2019, you will need to make digital VAT returns on a quarterly basis using a ‘designated software package’. In practice, this means using a computer-based accounting package, such as Xero, Sage or Quickbooks. Those on Sage Line 50 will need to be on version 24 or later.
We expect that HM Revenue & Customs will phase in Making Tax Digital for other taxes after April 2020.
At McGills Chartered Accountants, our specialists are able to advise on all aspects of preparing for Making Tax Digital.