MTD Just One Month Away - Are You Ready?

We often think the months fly past too quick and 2019 is no exception. The Brexit deadline of the 29th of March and MTD's introduction from the 1st of April means it's a particular busy and stressful time for VAT registered businesses.

HMRC had stated they would try to contact each VAT registered business that MTD would likely effect from 01/04/2019 and we received ours last week. We could only imagine what it would be like for a business to receive this letter with no other information saying you have 30 days to follow new rules.

But worry not, we have been in contact with all of our VAT registered clients about their obligations under MTD and how we can help the transition be as smooth as possible.

We are also quite proud to note that we have done this as part of our normal obligations where we have seen one firm charging £750+VAT for a 2 hour meeting and report on top of their standard fees.

HMRC still haven't been clear on exemptions and we have contacted them specifically about these but we are prepared for all of our VAT clients with taxable turnover above £85k to be subject to the new rules.

We have also made those VAT registered clients who are under this threshold aware of their option to enrol in MTD and that it may become mandatory in future.

So what is happening now?

We are looking to implement a mixture of cloud accounting software and bridging software to make the transition as painless as possible for our clients to cause minimum disruption to their current bookkeeping with a view to implement suitable changes in future.

If you have any concerns or want to explore filing options yourself or indeed join us do please call the office.