Steve Bicknell has just become a Certified Migration and Making Tax Digital Advisor under the MTD course launched by Xero.
Making Tax Digital starts in April 2019 for businesses over the VAT threshold, but many businesses owners are unaware of the impact it will have on their business and that they will need API software in order to submit returns.
From 2020 we expect to see all businesses – Landlords, Sole Traders, Partnerships, Companies, Charities – with an income over £10,000 having to report their Profit and Loss to HMRC every quarter and then prepare a 5th return for year end adjustments.
This is a massive change and many businesses are currently using incompatible software which will not create digital links, is not approved by HMRC and is not API compliant.
If you want to discuss how Making Tax Digital will affect your business, please get in touch or come to one of our MBL seminars.
https://stevejbicknell.com/making-tax-digital/
