HMRC has been busy approving software suppliers ahead of the first Making Tax Digital (MTD) deadline in April 2019.
The latest additions to HMRC’s list of approved software suppliers means there are now 27 providers to choose from. Until recently there were only a few suppliers on the list, but HMRC has confirmed it is working with 150 suppliers in total, and that 40 aim to have their software ready during the first phase of the pilot.
If you are using the MTD system, you must be using approved accounting software which allows you to send regular income tax updates to HMRC. Keeping digital records is an essential part of the MTD project and is compulsory for any business or individual with taxable turnover above the VAT registration threshold – £85,000 until 2020.
Ward Goodman are able to provide a number of MTD solutions for your business. You can speak to one of our WG Cloud team about our cloud based solutions.
The MTD timetable has seen many changes as the complexity of the project has pushed things back. However, with only nine months to go until the first filings, businesses will be keen to ensure their systems are ready well in advance.
Contact us to see if your existing supplier is on the list or to find out if they will be approved before the deadline. If you would like any advice on systems or how best to handle your accounts, then please get in touch.