MTD Accounting Software – Making Tax Digital for Business

Switch to Cloud Accounting to ensure you’re compliant

With the introduction of Making Tax Digital (MTD), the way you handle your tax affairs needs to change. Switch to AccountsIQ cloud accounting software now to ensure you are fully compliant.

Read our step by step guide to submitting VAT returns digitally.

How will MTD Accounting Software affect my business?

Making Tax Digital for Business will make dealing with tax a simpler and more efficient process for companies large and small. With cloud-based software enabling a live connection between accountants and HMRC, it will streamline the way businesses submit and access their tax data, improving accuracy and efficiency.

From April 2019, VAT-registered businesses with a turnover of more than £85,000 pa are required to record and submit their VAT returns digitally. Then, from April 2021, the plan is for income tax and corporation tax to be included in the system. Accounting practices and Finance Directors will need to ensure that they are fully up to speed – and fast. HMRC are underwriting the digital transformation process and it’s important to ensure compliance.

Does your business have a deferred VAT registration start date?

40,000 businesses fall into one of the relevant HMRC categories for the deferred VAT registration date of October 1st 2019. Is your business part of this small minority of businesses with more complex requirements (such as those who are required to submit a group VAT registration)?

Read specific details for group companies needing to comply with HMRC VAT rules

Key dates

April 2019

HMRC mandated submissions begin for VAT for single registration businesses

October 2019

Live and MTD solution in use for all AccountsIQ UK clients. Some businesses including Group VAT deferred until October 2020).

January 2020

First Group VAT return deadline for qtr ending Dec 2019

April 2020

Digital link required to HMRC for VAT submissions (NB for deferred businesses the soft landing period is 1 year from the start, so for Group VAT registrations this is October 2020.)

Do I need to change my system?

Older software, or on-premise software that’s installed on your computers, will require workarounds in order to comply with the new rules of Making Tax Digital for Business. This will not be ideal in the long run. Companies should be looking to futureproof their systems as HMRC will be looking to bring additional components such as Corporation Tax online by 2021.

Why switch to AccountsIQ?

AccountsIQ is one of the fastest-growing brands in the UK. A flexible solution that will adapt to your needs, our award-winning cloud accounting software is a futureproof tool for your changing business needs.

• The powerful functionality within AccountsIQ is designed to help businesses become more efficient.
• Our open API means your accounting system can be integrated easily with any other Cloud technology; we collaborate with a growing number of software partners to make things simpler for you.
• Our partnership with AutoEntry and other integration partners makes the collection of invoice data and other information really easy, using OCR technology.
• We have thousands of happy customers and have helped many clients switch from on-premise software solutions such as Sage.

AccountsIQ is MTD-ready

If compliance with Making Tax Digital is a big concern, we can deliver.

• AccountsIQ began preparing for Making Tax Digital early in 2018 and our MTD Accounting Software was already in beta testing with a number of clients before the 1st April deadline. The AccountsIQ platform is now used by thousands of companies who submit their MTD VAT return digitally to HMRC.
• We’re registered with HMRC and are listed as a Making Tax Digital compatible software vendor.
• All current and future clients will have access to automated digital filing.
• Watch our Making Tax Digital video guide to submitting VAT returns digitally