From 1 April 2019, VAT registered businesses with turnover above the VAT registration threshold (currently £85,000) will be required to keep digital records, and submit their VAT returns via the Making Tax Digital system (MTD). VAT registered businesses with turnover below the registration threshold will not be required to use the system, however, they can choose to do so voluntarily.

As your accountant, Barrons have been preparing for this change. We have a dedicated team of management accountants and bookkeepers who can help you through this process and provide advice on the best options available to meet your business needs providing a great value for money service. If you would rather spend less time on your books and more time on your business please contact us for a quote.

So are you ready for Making Tax Digital? Which category do you fall into?

Do I keep manual records?

Handwritten or spreadsheet maintained records will no longer be permitted.

It will no longer be possible to submit your VAT return from April 2019. Contact us now to discuss how to get ready for MTD.

Is my software MTD ready?

Records are kept on bookkeeping software, but not the latest version.

If your software is more than one year old and no monthly/annual subscriptions is in place, it is not MTD ready and will need upgrading. You will no longer be able to submit your VAT return from April 2019.

This will be a good opportunity to change/upgrade your software and consider the switch to cloud accounting to better meet your business needs. Contact us now to discuss how to get ready for MTD.

Am I already using MTD ready software?

Records are kept on the latest version of your desktop software or you subscribe to a cloud accounting provider.

You are all ready for MTD! From April 2019, your provider will enable the submission of a VAT return via the software ensuring you and your business are MTD compliant. However please contact us should you have any queries on 01702 481910.

Barrons has put together a helpful guide to running your business during the coronavirus crisis.