On the 1st April 2019, businesses that earned over the VAT threshold of 85,000 per annum were from this date legally required to submit their records digitally and to make quarterly returns of their data to HMRC. This new legislation has been implemented to ensure that the way that businesses process their taxes is more efficient, more effective and accurate.
Since Making Tax Digital came into action, the Minster team has been working tirelessly alongside customers and their businesses to ensure that they were ready for the change as well as their software being compatible with the new rules.
Now that the majority of our businesses are Making Tax digital ready, the time has come for these businesses to begin entering their first quarters financial data. All businesses on board with the Making Tax Digital legislation are now required to submit their first month’s quarter via the appropriate software and channels to HMRC.
If you have any questions or concerns, or have any queries about the October legislation deadline, please visit Pegasus Software’s overview of Making Tax Digital here, or call the team on 01562 68211.