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Making Tax Digital is approaching - is your business ready?
The introduction of Making Tax Digital (MTD) is probably the biggest operational change to be introduced in the UK’s tax system in the last few decades. MTD will provide businesses with a modern, streamlined system to keep tax records and relay detailed tax information to HM Revenue & Customs (HMRC).
From 1 April 2019, all UK VAT registered organisations with a taxable turnover above the registration threshold (currently £85,000) will be required to submit their VAT return data electronically via appropriate software that can:
- record and preserve digital records
- relay information to and from HMRC using an Application Program Interface (API) platform.
All affected businesses will need to review their VAT accounting processes and data to establish to what extent existing systems and processes meet the stringent MTD requirements. For a significant proportion of organisations upgrades, add-ons and potentially completely new reporting systems will be required.
Become MTD compliant
We can help you understand and meet the new requirements in a cost-effective way, with minimal impact on your resources. Our closely-integrated, cross-discipline team are experts in both technology and VAT, and have been actively involved in the consultation process with HM Revenue and Customs (HMRC).
Our methodology can help you with any of the five stages of MTD:
1 Document: blueprint your current systems and processes (including manual adjustments)
2 Assess: carry out gap analysis of current state versus MTD requirements
3 Analyse: consider the quality of your tax data and the master data underpinning the decisions
4 Implement: consider what changes you need to put in place to bridge gaps - changes to systems, process and data and possible third party software and API
5 Test: implement changes and test your systems
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