Making Tax Digital Accountants

MTD VAT Accounting - A Guide from Perrys Chartered Accountants

After announcing the Making Tax Digital (MTD) initiative in 2019, HM Revenue & Customs (HMRC) introduced its digital approach to accounting for VAT on 1 April 2019. This has affected over 2.5 million VAT registered businesses in the UK.  If you need any help with this then please contact your local Perrys branch.

'HMRC's ambition is to become one of the world's most digitally advanced tax administrations in the world.'

gov.uk

MTD for VAT started in April 2019 and will be extended to all VAT-registered businesses in April 2022. MTD for income tax (for the self-employed and those with income from property) is to be mandated from April 2023. A consultation on MTD for corporation tax is expected in 2020, but no start date has been announced.

The advantages of MTD 

MTD is designed to transform tax administration in the UK. It is 'a key part of the government's plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs'. The move to digitisation has been welcomed by many businesses, with 61% in strong agreement that it is the right thing to do, although over a quarter of organisations disagree. 

The advantages of MTD are that it provides an efficient way of storing, submitting and accessing information. There are however challenges around practical issues such as software requirements, the skills needed for the software, and the complexities of new reporting periods and working digitally with international suppliers and partners. 

MTD and VAT

The first impact of MTD is on VAT accounting. All VAT registered organisations need to be clear about exemptions and their full obligations under MTD.

Making Tax Digital is making fundamental changes to the way the tax system works – transforming tax administration so that it is more effective, more efficient and easier for tax payers to get their tax right.gov.uk

Important: The first priority for VAT registered UK businesses is to have a full understanding of the ins and outs of VAT reporting under MTD. It's critical to get advice from qualified accountants who have expert knowledge of this new way of working and at Perrys Accountants we can guide you through what's involved with the same refreshingly clear approach that we bring to all our work.

To make sure you're on the right track, and for a complete view of what Making Tax Digital for business means for you contact us today.

Making Tax Digital, HR and Health and Safety Webinar

Hosted by Perrys, AMR and SMEAdvisor.

The webinar covered MTD for Income Tax, Software, Health and Safety and HR after Covid.

All slides shown can be downloaded here:

Making Tax Digital

Bookkeeping and Software

HR and Health and Safety

Visit SMEAdvisor's FAQ sheet here:

Life After Lockdown – How to manage HR and Health & Safety

Visit AMR's website here:

AMR Bookkeeping Solutions

Victoria Pearson demonstrated a clear, concise and effective high quality accountancy service for this year's tax return submission.

Mark Lucas

Victoria has looked after the tax affairs of my consultancy for 20 years. Throughout that time, her work has consistently met high standards of accuracy and presentation.

Don Brand

Perry's Accountants have surpassed their services in helping me set up my new business.

Pure Panna

Just wanted to drop a quick note to say thanks once again for all the work you've done and assistance you've given me with my company accounts and tax returns this year.

Pip Ellwood

Steve makes me feel that I am his only client, perhaps I am?

Lionel Becker

We use cookies to help provide you with the best possible online experience. By accepting, you agree that we may store and access cookies on your device.