Making Tax Digital (MTD) is the UK government’s initiative to streamline the tax process for both individuals and businesses. VAT-registered businesses with turnover higher than the taxable threshold (£85,000) are required to keep digital VAT business records and submit their returns using MTD-compatible software.
The UK government began their implementation and live testing of MTD in late 2018. For most businesses, the mandate takes full effect for VAT periods beginning on or after 1 April 2019.
Rest assured, Standard ERP 2018-12-07, and later, is MTD-compatible and ready to be linked to your government gateway account for VAT returns to be submitted directly to HMRC. Use this guide to learn how to configure your system for MTD compliance. Some of the information you should have ready when getting started include:
Government Gateway User ID and Password
Standard ERP makes it easy to be MTD compliant today, ensuring your business is ready well ahead of the April deadline. Your local HansaWorld office is standing by to provide you with the information you need and answer your MTD questions.