Making Tax Digital Is Under 2 Months Away

HMRC’s plans to adopt the new process go live on April 1st, FreeAgent can help make the transition far smoother for businesses and self-employed workers alike.

Edinburgh, Scotland - February 8, 2019 / / —

Edinburgh, Scotland. Monday 4th February 2019: The government’s plans to Make Tax Digital as outlined in the Finance (No.2) Act 2017 legislation are now under two months away, leaving entrepreneurs and sole traders with a major headache as they look to get their financial obligations under control. On a brighter note, they won’t have to face the transition alone.

The Transition Has Already Started

HMRC’s Tax Digital scheme has been a long time coming and the April 1st switchover shouldn’t surprise any UK business owners. In fact, the switch officially started back in October 2018 as the option was made available to sole traders and companies that were up to date with their VAT obligations. Private testing to those that trade in the EU also began towards the end of 2018.

However, April 1st is the significant date that sees the Making Tax Digital plans become mandated to all businesses and sole traders. There are exceptions to the ruling, with a small minority of VAT-registered businesses that boat complex requirements having the option to defer and delay the switchover. Generally speaking, though, all UK-based companies will be using the digital scheme in time for the upcoming tax year, which starts on April 6th.

Plans to extend the Making Tax Digital process beyond VAT elements are already underway, with further changes expected in 2020. While the digital records are designed to provide a faster and more accurate process for all businesses, teething problems are inevitable. Companies face the test of ensuring that they don’t result in costly mistakes – thankfully, they don’t have to head into battle alone.

Overcoming The Obstacles With FreeAgent

Scottish company FreeAgent has been one of the most highly regarded accounting software services for several years, winning major industry awards in both 2017 and 2018. Now, in addition to their array of advanced accounting software features, the company is going the extra mile to support companies through the rapidly approaching alterations.

FreeAgent has submitted VAT returns to HMRC via digital means since 2010 and are perfectly positioned to support SMEs, startups, and sole traders with the changes. Their knowledge, expertise, and transparency makes life a lot simpler for business owners. From deploying the best and latest software for automated returns to helping businesses understand their finances – with guides as well as a variety of other tools – the award-winning service is a game-changer for the next chapter in UK tax returns.

Complying with HMRC’s new requirements needn’t stop businesses focusing on running their ventures. With the right accounting software and team behind them, entrepreneurs will be in a stronger position than they ever thought possible.

More information is available from FreeAgent’s press contact Tom McCallum by calling 0800 025 3800 or sending an email to [email protected]. Alternatively, you can write to One Edinburgh Quay, 133 Fountainbridge, Edinburgh, Scotland, UK EH3 9QG. Or to learn more about the Making Tax Digital scheme, visit https://www.freeagent.com/guides/making-tax-digital/.

Contact Info:
Name: Tom McCallum
Organization: FreeAgent
Address: One Edinburgh Quay, 133 Fountainbridge, Edinburgh, Scotland, UK EH3 9QG
Phone: 0800 025 3800
Website: https://www.freeagent.com/guides/making-tax-digital/

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Release ID: 480488