The countdown to 1st April 2019 is officially on for HMRC’s Making Tax Digital (MTD) requirement. With the clock ticking, you can forget the uncertainty of Brexit as compliance with MTD is what matters to your business right now. Are you ready?
Benefits Not Burdens
MTD brings a requirement for quarterly reporting to HMRC via digital records for small businesses, landlords and the self-employed over the VAT threshold (£85,000) for VAT purposes. The process in becoming compliant is a simple one, and one in which we can help you implement. The initiative will bring benefits rather than burdens, and the time saved will allow you to focus on strategy and growth of your business.
MTD is a Requirement, Not an Option
There are consequences for not being compliant. HMRC are introducing a penalty points system for late filing and payment under MTD. Penalty points will accrue depending on how late the filing is and the total number of late filings.
After four late submissions, a penalty charge will be made for each late submission. In order to clear your penalty points, you must submit four consecutive compliant submissions. The system for late payments will differ slightly through tiered penalties. The first penalty will be charged after 15 days before the charge doubled after 30 days and then daily penalties charged beyond that.
The simple solution to avoid falling foul of MTD is to be compliant. We can assist you through the digital revolution and remove the pains of being compliant allowing you to focus on doing what you enjoy most – running your business.
To make the transition seamlessly and realise the benefits it brings contact us:
- By phone 01292 388 031
- via email firstname.lastname@example.org or;
- Pop along to our office 8 Miller Road, Ayr.