From 1 April 2019, all VAT registered businesses with a taxable turnover above the VAT registration threshold of £85,000 have been required to maintain digital records as part of HMRC’s push towards Making Tax Digital (MTD).
Currently, if your taxable turnover is below the VAT threshold of £85,000 you can voluntarily join the MTD service. But from April 2022, all VAT registered businesses, whatever their taxable turnover, will be required to follow MTD rules for their first return starting on or after April 2022.
This means most farming businesses must keep digital records and use MTD compliant software to record income and expenses and submit their VAT returns.
The need to prepare and review information for the submission of VAT returns ensures all aspects of your financial records are totally up to date, providing you with real time information required to run your business successfully.
Depending on the size of your business, the number of enterprises and the type of management information you want to produce will determine the most appropriate software package for you and your business.
Our services include:
- Determining when you need to register for MTD and assistance with registering
- Determining whether your current software is MTD compliant
- Assistance with deciding on the most appropriate software
- Training and guidance on your chosen software