Everyone is talking about it, but do we really know everything about MTD. Here are some key points about what this new government plan is:
If your taxable turnover falls below the VAT threshold you will need to follow the MTD rules, unless you deregister from VAT or meet other criteria, such as:
If you are exempt from MTD but choose to follow the MTD rules, you must inform HMRC, in writing, before the start of the next VAT period you want to use the MTD service and the date your next VAT period begins.
First and foremost, do not panic and do not rush into purchasing any additional software. Take your time and get the best advice that is right for your business in the long term. This is also a great opportunity for you to review your systems and find out if there is an alternative out there to help you through this phase.
* Please note that Sage are putting all of their focus on making Sage 50cloud Accounts the optimum Accounts package for the future. Not all the new features will necessarily be included in Sage 50 Accounts perpetual licence moving forwards, so our recommended solution is Sage 50cloud Accounts.
Whether it is Wholesale and Distribution, Manufacturing or Professional Services (where projects, time and billing are important), we provide MTD-compliant solutions from Exact, who were recently shortlisted for Enterprise Accounting/ERP Software of the Year Award 2018. Contact us today to find out more.
We are providing MTD training to help ensure you are equipped with all the information you need on how to remain HMRC compliant and what Sage accounting software options are available for you.