In less than 3 weeks time there will be a huge change in the world of accounting and bookkeeping as the first round of VAT-registered businesses enter into the future of digital accounting. From 1 April 2019, businesses, including sole traders, will be required to use the Government’s new Making Tax Digital (MTD) system to meet their VAT obligations. Are you ready?
Every entity with a turnover above the VAT threshold (currently £85,000) will be required to use MTD, using compatible digital bookkeeping software. Information will be extracted from the digital records in order to populate the VAT return.
VAT is only the beginning of the new digital age. Are you currently inputting records manually into a cashbook or Excel spreadsheet? If so you will need to change your bookkeeping procedure. If you don’t already use a MTD compliant software like Xero, Sage or QuickBooks then you need to get moving now.
KPP has been planning this for months and are officially “MTD Ready’. Please contact us to help you get ready for this monumental change. We can help you to find the right bookkeeping software at the lowest cost and are migration experts to Xero and other compliant platforms.