HMRC’s new Making Tax Digital rules mean that most VAT-registered businesses with a taxable turnover of over £85k must keep digital records and submit VAT returns using HMRC approved software.
GHDE Business and Accounting Services can assist in determining whether a business must follow the rules for MTD, the registration process and the choice of MTD compatible software.
For those businesses that still prefer to use spreadsheets for accounting purposes, GHDE uses HMRC recognised software that contains a bridging facility to ensure compliance with MTD rules.
From April 2022, nearly all VAT registered businesses, regardless of whether their turnover exceeds the £85,000 threshold or not, must register for MTD for VAT.
Further information may be found at: –
https://www.gov.uk/government/collections/making-tax-digital-for-vat