By 2020, taxpayers will be able to access their tax details online using “digital tax accounts“. This makes the situation both simple and tricky for the ones who are just beginning with their business or have smaller companies.
However, it sure promises immense opportunities with great challenges for accountants. The information provided by AskForAccounting technical Consultant team helps both the entrepreneurs and established businessmen to learn which guidelines they would have to adhere to:
- Suppose the income of an individual is above the VAT threshold. In that case, the individual is required to start using the Digital Tax services for National Insurance Contribution and Income Tax by April 2018.
- Suppose the income of an individual is below the VAT threshold. In that case, the individual is required to start using the Digital Tax services for National Insurance Contribution and Income Tax by April 2019.
- Every individual who is VAT registered is required to start using Digital Tax Services for all VAT purposes.
- The individuals who pay Corporation Tax (CT) are required to start using DTS by April 2020 for CT.
Why Sage Digital Tax?
No matter which version of Sage you are using currently, you will be unable to pay your VAT returns by using the HMRC Gateway or any other software by April 2019. You will have to find another solution to this situation. By the end of the summer, Sage will be rolling out a new update in which Sage will be tweaked to become MTD compatible. The users will be provided with the updated help section to provide them with information regarding its usage and operation. The information will range from minor to in-depth.
So, if you are currently using Sage to file your VAT returns, then it simply means that you will have to update your Sage to its latest release which is MTD compliant.
If you do not know how to go about the VAT process on your Sage, The AskForAccounting help team is going to help you out in reaching compliance. You can further learn more about what MTD is and how it affects your overall business. We will help you understand what MTD means for specifically you and what requirements you have to fulfill to be able to move forward with it.
If you are looking forward to learning more about what impact MTD is going to have on international business and how to extend your business accordingly, get in touch with the Sage Experts at our help desk.
The MTD Deal: You can exercise complete control of MTD by joining our early program which will prepare your system and you to handle MTD smoothly when it arrives. It will enable you to go through the transition easily and make your Sage fully compliant prior to April 2019.
AskForAccounting Solution: You can get in touch with our AskForAccounting Sage 50 Consultant Team to explore new opportunities. The experts at our help desk are at par with the latest Sage Technology and can help you out in dealing with any issue regarding Sage on your computer system running on Windows Operating System.
You can speak with one of our Sage experts by calling our toll-free helpline number regarding MTD and another Sage-related query. We serve Sage clients from around the world. We are available 24*7.