Lena’s Top Tip
There are all sorts of facts and myths currently floating around about making tax digital, so we thought we’d clarify a handful for you here. Hopefully to put your mind at rest.
You’ll have to provide more information – FICTION
MTD doesn’t require you to provide more information than you already currently provide, and it also doesn’t require you to send it more frequently either.
You can choose to use spreadsheets for MTD – FACT
Bridging software, such as VitalTax, is now available that enables businesses to submit their VAT return details directly via a spreadsheet. It’s easy to use, and provides ongoing access to your data too.
MTD is going to cost me money – FICTION
There are already several products available (some free, some low cost) that help businesses manage MTD to reduce time spent on the process and mitigate any additional cost to a business.
I’ve still got time to sort MTD – FACT
Businesses are now required to use the service for their next VAT period from 1st April. As most people file quarterly, however, this means many returns won’t be due until August or later. So you do still have time to get things sorted!