Making Tax Digital
03 July 2018
In December 2015, the UK government published a roadmap for a transformed tax system called "Making Tax Digital". This outlined their plans for making the administration of tax "more effective, more efficient, and simpler for tax payers".
As a key part of "Making Tax Digital", often referred to as MTD for short, businesses with turnover in excess of the VAT registration threshold will need to submit their VAT information via the system by April 2019.
For a small number of businesses with more complex requirements, mandatory use of MTD has been deferred until October 2019 - see Making Tax Digital Frequently Asked Questions for more information.
axisfirst is pleased to confirm that we are fully committed to providing support in axis diplomat for Making Tax Digital in readiness for the April deadline as standard within all versions in mainstream support as of April 2019 (axis diplomat 2016 and above).
An essential part of MTD is digital record keeping - from next year, all companies registered for UK VAT will need to keep records digitally for a minimum of six years, effectively mandating the use of accounting software.
axis diplomat 2016 and above will be extended and enhanced where required to provide the necessary support for MTD, ensuring that both the digital record keeping and online submission facilities meet the requirements.
If you are running a version of software prior to axis diplomat 2016, we recommend discussing your requirements with us at the earliest opportunity.