Are you aware of the impending changes to the way your record, store and submit your accounting information?
From April 2019 all businesses who are above the VAT threshold or are registered for VAT will need to keep digital records and only at this stage for VAT purposes.
This means that if you currently record your figures either manually for example in accounting books/ notebooks you will need to look to move to software.
If you are VAT registered then you will need to move to digital record keeping (i.e. use software to record all your VAT invoices and receipts). If you are not VAT registered then digital record keeping is optional. However, these business owners can gain updated income tax estimates whenever they want, which will help with cash flow forecasting.
However there are plans to implement MTD to all businesses regardless of your trading status or turnover – at present these are planned for 2020/2021.
There will be big implications for SME’s, Self-employed, Free lancers and landlords.
Our advice is to start preparing now and avoid a last minute panic.
Complete the contact form below to register for information and a call back.
