Making Tax Digital – Are you ready?
Monday, 1 April, 2019
The Ulster Farmers’ Union is once again taking the opportunity to remind all UFU members to ensure that they have taken the necessary steps to become Making Tax Digital (MTD) compliant. The online tax process comes into force on 1 April 2019 for those VAT registered businesses with a taxable turnover exceeding £85,000.
UFU deputy president, Victor Chestnutt said, “I understand MTD may be a cause of concern for many of our members and I would encourage those affected to seek help and advice and take the necessary steps to become compliant. The UFU offers an exclusive service to help members become MTD compliant with our affinity partners Kingswood Computing and TGM Software Solutions.”
Making Tax Digital will help to fulfil Her Majesty’s Revenue and Customs (HMRC’s) aspirations to become one of the most digitally advanced tax administrations in the world. MTD requires all businesses with a taxable turnover of £85,000 and above to keep records in a digital format and file VAT returns using software, which complies with HMRC software.