Are you ready for Making Tax Digital (MTD)?

1. Are you VAT Registered?

The Making Tax Digital for VAT changes coming from 1 April 2019 will not affect you.

However, you may find the benefits of cloud accounting, such as automation and remote connectivity, really useful for your business.

Find out more here or REQUEST A CALL BACK to discuss with a Making Tax Digital and Cloud Accounting expert.

2. Is your turnover over £85k?

It is not compulsory for you to file your VAT returns on compatible MTD software from 1 April 2019.

However, if your turnover exceeds the VAT threshold of £85,000 then you will need to comply. It might be best to start looking at digital software now.

Find out more here or REQUEST A CALL BACK to discuss with a Making Tax Digital and Cloud Accounting expert.

3. What software do you use to keep accounting records?

From 1 April 2019, all VAT-registered UK businesses above the £85,000 VAT threshold will need to keep records digitally and submit VAT returns to HMRC using MTD-compatible software.

These new rules will apply from your first VAT period starting on or after 1 April 2019. For example, if a business submits a quarterly return covering the period 1 March to 31 May 2019, the first return which will need to comply with the new MTD rules will be the quarterly return starting 1 June 2019.

Your software is MTD-ready - The great news is there’s nothing you need to do. Xero’s software already has MTD-functionality and the company is working closely with HMRC ahead of April 2019.

If you have not been using the Xero software to file your VAT return, it would be a good idea to test the VAT filing functionality early.

If you have any questions on MTD or want to find out how you can get the best out of Xero, REQUEST A CALL BACK to discuss with a Making Tax Digital and Cloud Accounting expert.

Your software is MTD-ready - The great news is there’s nothing you need to do. QuickBooks’ software already has MTD-functionality and the company is working closely with HMRC ahead of April 2019.

If you have not been using the QuickBooks online software to file your VAT return, it would be a good idea to test the VAT filing functionality early.

If you have any questions on MTD or want to find out more about cloud accounting software, REQUEST A CALL BACK to discuss with a Making Tax Digital and Cloud Accounting expert.

Your software is MTD-ready - The great news is there’s nothing you need to do. Sage One’s software already has MTD-functionality and the company is working closely with HMRC ahead of April 2019.

If you have not been using the Sage One software to file your VAT return, it would be a good idea to test the VAT filing functionality early.

If you have any questions on MTD or want to find out more about cloud accounting software, REQUEST A CALL BACK to discuss with a Making Tax Digital and Cloud Accounting expert.

Your software is MTD-ready - The great news is there’s nothing you need to do. FreeAgent’s software already has MTD-functionality and the company is working closely with HMRC ahead of April 2019.

If you have not been using the FreeAgent software to file your VAT return, it would be a good idea to test the VAT filing functionality early.

If you have any questions on MTD or want to find out more about cloud accounting software, REQUEST A CALL BACK to discuss with a Making Tax Digital and Cloud Accounting expert.

Your software is MTD-ready - The great news is there’s nothing you need to do. KashFlow’s software already has MTD-functionality and the company is working closely with HMRC ahead of April 2019.

If you have not been using the KashFlow software to file your VAT return, it would be a good idea to test the VAT filing functionality early.

If you have any questions on MTD or want to find out more about cloud accounting software, REQUEST A CALL BACK to discuss with a Making Tax Digital and Cloud Accounting expert.

Your software is MTD-ready - The great news is there’s nothing you need to do. ClearBooks’ software already has MTD-functionality and the company is working closely with HMRC ahead of April 2019.

If you have not been using the ClearBooks software to file your VAT return, it would be a good idea to test the VAT filing functionality early.

If you have any questions on MTD or want to find out more about cloud accounting software, REQUEST A CALL BACK to discuss with a Making Tax Digital and Cloud Accounting expert.

Businesses running Sage 50 Accounts v23 or older will need to upgrade to the latest version of Sage 50cloud Accounts (currently v24) via a monthly or annual subscription in order to receive MTD updates and be compatible.

Contact your Sage Account Manager to ensure your software will be MTD ready.

Now is a good time to look at more affordable cloud accounting software options. At M J Bushell, our preferred choice is Xero.

Why Xero?

More than 300,000 subscribers across the UK and more than one million around the world use and love Xero, because you can:
  • Access your accounts from anywhere: no need for software installs and updates.
  • Automate calculations: Stop worrying about complicated formulas. Let Xero do the sums automatically so we can focus our time providing you with the right advice at the right time.
  • View your key financials: Check your bank balances, invoices, bills and expense claims in real-time.
  • Bring your team together: Add as many users as you like, while we work on the same data at the same time
  • Sync bank statements: Use direct banks to connect your bank account to Xero for quick and easy reconciliation.
  • Submit the right data: Be MTD-ready and easily submit your quarterly returns through MTD-compatible software.
  • Feel safe and secure: Rest easy, knowing that Xero provides multiple layers of data protection.
  • Enjoy affordable fees: Costing only £22 + VAT per month.

If you have any questions or want to find out more, REQUEST A CALL BACK to discuss with a Making Tax Digital and Cloud Accounting expert.

QuickBooks desktop customers will need to be on the latest version (currently 2018) with an active subscription to ensure that all MTD updates and upgrades can be installed as soon as they are released.

Now is a good time to look at more affordable cloud accounting software options. At M J Bushell, our preferred choice is Xero.

Why Xero?

More than 300,000 subscribers across the UK and more than one million around the world use and love Xero, because you can:

  • Access your accounts from anywhere: no need for software installs and updates.
  • Automate calculations: Stop worrying about complicated formulas. Let Xero do the sums automatically so we can focus our time providing you with the right advice at the right time.
  • View your key financials: Check your bank balances, invoices, bills and expense claims in real-time.
  • Bring your team together: Add as many users as you like, while we work on the same data at the same time
  • Sync bank statements: Use direct banks to connect your bank account to Xero for quick and easy reconciliation.
  • Submit the right data: Be MTD-ready and easily submit your quarterly returns through MTD-compatible software.
  • Feel safe and secure: Rest easy, knowing that Xero provides multiple layers of data protection.
  • Enjoy affordable fees: Costing only £22 + VAT per month.

If you have any questions or want to find out more, REQUEST A CALL BACK to discuss with a Making Tax Digital and Cloud Accounting expert.

Technically, Excel exists outside of the end-to-end digital software category that HMRC is ultimately positioning for the new initiative.

However, providing spreadsheets are used in conjunction with a solution that can submit to HMRC and the information can be submitted digitally, they can still be used.

In this scenario, you will need to transition to bridge software or API-enabled spreadsheets in order to digitally submit VAT return data to HMRC.

We can help get your spreadsheet MTD-ready with a bridge software solution or alternatively now might be a good time to look at more efficient cloud accounting software options. At M J Bushell, our preferred choice is Xero.

Why Xero?

More than 300,000 subscribers across the UK and more than one million around the world use and love Xero, because you can:

  • Access your accounts from anywhere: no need for software installs and updates.
  • Automate calculations: Stop worrying about complicated formulas. Let Xero do the sums automatically so we can focus our time providing you with the right advice at the right time.
  • View your key financials: Check your bank balances, invoices, bills and expense claims in real-time.
  • Bring your team together: Add as many users as you like, while we work on the same data at the same time.
  • Sync bank statements: Use direct banks to connect your bank account to Xero for quick and easy reconciliation.
  • Submit the right data: Be MTD-ready and easily submit your quarterly returns through MTD-compatible software.
  • Feel safe and secure: Rest easy, knowing that Xero provides multiple layers of data protection.
  • Enjoy affordable fees: Costing only £22 + VAT per month.

If you have any questions or want to find out more, REQUEST A CALL BACK to discuss with a Making Tax Digital and Cloud Accounting expert.

These are not MTD compliant.

Now is a good time to look at more appropriate and surprisingly affordable cloud accounting software options. At M J Bushell, our preferred choice is Xero.

Why Xero?

More than 300,000 subscribers across the UK and more than one million around the world use and love Xero, because you can:

  • Access your accounts from anywhere: no need for software installs and updates.
  • Automate calculations: Stop worrying about complicated formulas. Let Xero do the sums automatically so we can focus our time providing you with the right advice at the right time.
  • View your key financials: Check your bank balances, invoices, bills and expense claims in real-time.
  • Bring your team together: Add as many users as you like, while we work on the same data at the same time.
  • Sync bank statements: Use direct banks to connect your bank account to Xero for quick and easy reconciliation.
  • Submit the right data: Be MTD-ready and easily submit your quarterly returns through MTD-compatible software.
  • Feel safe and secure: Rest easy, knowing that Xero provides multiple layers of data protection.
  • Enjoy affordable fees: Costing only £22 + VAT per month.

If you have any questions or want to find out more, REQUEST A CALL BACK to discuss with a Making Tax Digital and Cloud Accounting expert.

We recommend that you contact your provider to find out their plans for Making Tax Digital as soon as possible. This will enable you to allow plenty of time to research and switch to alternative software if required.

If your software provider is not going to be MTD-ready, there are alternative solutions which we can help implement to make sure you are compliant in time.

Now is a good time to look at more affordable cloud accounting software options. At M J Bushell, our preferred choice is Xero.

Why Xero?

More than 300,000 subscribers across the UK and more than one million around the world use and love Xero, because you can:

  • Access your accounts from anywhere: no need for software installs and updates.
  • Automate calculations: Stop worrying about complicated formulas. Let Xero do the sums automatically so we can focus our time providing you with the right advice at the right time.
  • View your key financials: Check your bank balances, invoices, bills and expense claims in real-time.
  • Bring your team together: Add as many users as you like, while we work on the same data at the same time.
  • Sync bank statements: Use direct banks to connect your bank account to Xero for quick and easy reconciliation.
  • Submit the right data: Be MTD-ready and easily submit your quarterly returns through MTD-compatible software.
  • Feel safe and secure: Rest easy, knowing that Xero provides multiple layers of data protection.
  • Enjoy affordable fees: Costing only £22 + VAT per month.

If you have any questions or want to find out more REQUEST A CALL BACK to discuss with a Making Tax Digital and Cloud Accounting expert.

We recommend that you contact your provider to find out their plans for Making Tax Digital as soon as possible. This will enable you to allow plenty of time to research and switch to alternative software if required.

Now is a good time to look at more affordable cloud accounting software options. At M J Bushell, our preferred choice is Xero.

Why Xero?

More than 300,000 subscribers across the UK and more than one million around the world use and love Xero, because you can:

  • Access your accounts from anywhere: no need for software installs and updates.
  • Automate calculations: Stop worrying about complicated formulas. Let Xero do the sums automatically so we can focus our time providing you with the right advice at the right time.
  • View your key financials: Check your bank balances, invoices, bills and expense claims in real-time.
  • Bring your team together: Add as many users as you like, while we work on the same data at the same time.
  • Sync bank statements: Use direct banks to connect your bank account to Xero for quick and easy reconciliation.
  • Submit the right data: Be MTD-ready and easily submit your quarterly returns through MTD-compatible software.
  • Feel safe and secure: Rest easy, knowing that Xero provides multiple layers of data protection.
  • Enjoy affordable fees: Costing only £22 + VAT per month.

If you have any questions or want to find out more REQUEST A CALL BACK to discuss with a Making Tax Digital and Cloud Accounting expert.

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