MTD Accounting Software – Making Tax Digital for Business

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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 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 must begin 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

October 2019

Deferred date for some businesses including Group VAT

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.

Switching from Sage 50: “Our decision to move away from Sage 50 was driven by inefficiencies which Sage couldn’t address; it took two people in my team one week each to update various schedules in Excel and then I would spend many hours compiling a reporting pack. AccountsIQ allows me to produce a custom reporting pack in just minutes.” Lee Camp, Finance Director, Salamanca Group

AccountsIQ is MTD-ready

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

Request a Demo

To find out how we can help you with Making Tax Digital, get in touch or request a demo of AccountsIQ.

Get a quote for your company and see for yourself how our powerful cloud accounting software could transform your business.

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