Making Tax Digital, are you ready? With Making Tax Digital ‘MTD’ coming into effect as part of the government “transformed tax system’ by 2020 have you got everything in place to make sure you are compliant with HMRC?
What is MTD?
The MTD initiative from HMRC requires every VAT registered business trading in the UK to submit their UK VAT returns digitally to HMRC.
The primary aim of MTD is to make tax administration more effective and efficient using a fully digital tax solution by 2020.
MTD is the most significant change to the UK’s tax system for more than 20 years. HMRC’s plan to make the tax system digital will make paying tax easier, reduce errors in tax returns and allow businesses and their accountants to monitor their finances in real time.
How can Agilyx Help?
The Unit4 Business World MTD module is now available! This solution calculates the figures for the VAT return from the digital transactions that are registered in the VAT subledger within Unit4 Business World and transfers the results to HMRC through use of an API.
Agilyx have successfully Implemented the Unit4 Business World MTD module for several customers and you can be next! The implementation is a straight forward process where we have checklist sheets, and an implementation guide to assist you along the way, ultimately Agilyx are your Unit4 MTD experts and can ensure a smooth implementation of the Unit4 MTD module.
What is included in our standard package;
- Support from a project manager to initiate the project
- Software installation services in two environments
- Workshop with an MTD consultant to explain the solution and start the knowledge transfer process
- Support for the build and trial test run
- Support for full test run
- Support for migration to live
What happens if I’m not ready for MTD?
If you’re VAT registered and do not fulfil your MTD responsibilities, you’re liable to receive penalties from HMRC. If you aren’t VAT registered, there are no requirements for you yet, but it’s worth keeping in mind, especially if you’re near the registration threshold which is a ‘Vatable’ turnover of £85,000.
If you would like to find out more about how Agilyx UK can help you with MTD, get in contact with the team at email@example.com.