Making Tax Digital is almost here: Are you ready?
Making Tax Digital (MTD) is coming into effect on 1 April 2019 which is less than a week away. Are you ready for the change in legislation? If not, Clear Vision Financial Management are on hand to help.
Compliance is essential to avoid unnecessary penalties
A survey in January 2019 found that only 57% of UK businesses who must comply with MTD are ready for the new legislation to come into effect. At the same time, the HMRC has stated that after a 12 month ‘soft-landing’ period, non-compliers will face penalties and fees. However, during the ‘soft-landing’ period, only those being seen attempting to comply will not face charges. A points-based system has been confirmed to come into effect in 2020. Points will be issued for either late report submission or late payments.
When points have exceeded a threshold, a penalty will be charged for all subsequent missed deadlines. Once HMRC can see that rules are being adhered to, points will in time expire.
Last minute worries? Need help making your tax return digital?
Clear Vision, accountants in Romsey, Hampshire, can help by using Xero, MTD compatible software, to file all your accounts. It is fast and easy to do, and we can take care of everything, giving you peace of mind. We’ll be on hand to ensure that MTD is a smooth transition for you, without being a burden.