I’m having a number of conversations with clients regarding the Making Tax Digital (MTD) programme and what this will mean for their business. The MTD introduction date of 1 April 2019 might seem a long way off, but there will be much to consider to ensure your business is MTD ready prior to this date. At present, many businesses submit VAT returns via the template on the HMRC filing portal, but this facility will be removed for the majority of taxpayers. Therefore, it might be necessary for many businesses to review or upgrade their accounting systems, ensuring systems are compatible with Application Program Interface (API) software.
My VAT colleagues have prepared a very useful briefing paper (see below) on MTD and the key considerations prior to 1 April 2019, including an MTD readiness service that will test the integrity of your data, review your VAT adjustments, complete a system risk review and give you the option to submit your VAT return via Grant Thornton’s on-line portal.