{"id":3106,"date":"2019-04-08T08:59:09","date_gmt":"2019-04-08T07:59:09","guid":{"rendered":"https:\/\/www.networkportfolio.co.uk\/ncinsurance.co.uk\/?p=3106"},"modified":"2019-04-08T11:50:10","modified_gmt":"2019-04-08T10:50:10","slug":"digital-tax","status":"publish","type":"post","link":"https:\/\/networkportfolio.co.uk\/ncinsurance.co.uk\/blog\/digital-tax\/","title":{"rendered":"How To Prepare Your Business For The Digital Tax Turnover"},"content":{"rendered":"
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Digital Tax<\/span><\/h1>\n<\/div>\n<\/div>\n<\/div>\n
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For the VAT period commencing 2019, the way that many businesses record tax has changed. These changes will be applicable for all businesses whose taxable VAT turnover exceeds the registration threshold, which currently stands at \u00a385,000. For those with a turnover below this amount, you have the option of digital tax by voluntarily signing up to Making Tax Digital (MTD)-compatible software.<\/span><\/p>\n<\/div>\n

\"Tax<\/span><\/p>\n<\/div>\n<\/div>\n

Revenue & Customs (HMRC) believes that this new digital tax software will help make fundamental changes to the way self-employed individuals and businesses record their tax, making the overall experience more efficient and easier to get\u00a0right first time.<\/span><\/p>\n

What you need to do<\/strong><\/span><\/h2>\n

If you are either required to take your tax digital or have volunteered to sign up to MTD, here are a few things you can do to prepare in advance.<\/span><\/p>\n