WHEN DO YOU NEED TO MAKE THE CHANGES REQUIRED BY MAKING TAX DIGITAL

When do you need to make changes required by Making Tax Digital

If you are a VAT registered business the date for you to start making your VAT returns from digital software will come soon enough. April 2019 will soon be upon you. It is far better to start making the change over to digital software now, rather than leaving it until you have no option. All software has a learning curve. Even our simple software Debonair needs an initial period of time for you to get used to it. Our recommendation is that you start now to get to grips with the demands of doing your bookkeeping in a different way. If you are to make any mistakes, it is far better than you get them over with now rather than when it matters.

The same imperative applies to those businesses that are not VAT registered, despite the delay in the date by which they must join making tax digital. The delayed deadline will similarly come around very quickly. It is advisable to get to grips with the new way of bookkeeping that they will eventually have to employ.

What about the businesses with a turnover below £85,000? Whilst they are currently excluded from the requirements of Making Tax Digital, there is quite likely to be a day when they must fall in line as well. Even if they continue to fall outside the requirements compelling them to change their bookkeeping, it is advisable that they keep up to date with modern means of doing bookkeeping. Continuing to do their bookkeeping on paper records or spreadsheets will soon become outdated, and it is important that they do not fall behind.

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