Mitchells proud to be part of the elite 2% that have taken a proactive approach to MTD registration
1.2m businesses will be affected by Making Tax Digital for VAT (MTD) but statistics recently released showed that only 70,000 had signed up.
In addition, A recent freedom of information request found that only 2% of accounting firms had registered any clients for MTD. Mitchells are proud to be amongst that 2%, having completed their first successful client registration in February followed by many more over the last few weeks.
Whilst the first returns to be filed under MTD will not be due until August 2019 it is important that businesses who will be affected are prepared in terms of both registering with HMRC and ensuring that they have the correct software in place.
One piece of good news is that HMRC have stated that in MTD’s first year, they will look to take a light touch approach to penalties, suggesting that they will not issue filing or record keeping penalties where businesses are doing their best to comply with MTD.
If you’re unclear about how MTD may affect your business or would like someone to guide you through the whole process, contact Mitchells’ tax specialist Liz Fisher on 01246 580722 ext. 238 or email firstname.lastname@example.org