Making Tax Digital (MTD) is an initiative designed by HMRC to ensure that the UK tax system is easier and more efficient for taxpayers. Recording of tax will be more accurate, the process will be faster and more automated, and it will be easier for small businesses to record and file their tax returns online.
From 1st April 2019, vat registered businesses above the threshold of £85k will have to keep digital records and submit quarterly VAT returns using approved software, like Xero. We’ll keep you up to date with all you need to know.
