1. Preparing for MTD –
Preparing for MTD (Making Tax Digital) is tip number one because preparation is the biggest key to success. You need to have your business prepared for April 2019 and to do so you need to create a timeline of tasks that will help your business be ready for MTD. Don’t leave it last minute, it’s important that if you are switching over from one software provider to another do it early.
2. Does MTD impact your business –
Tip number two is whether you and your business will be impacted by MTD for Vat. It’s simple, if your business has a VAT turnover of £85.000 it does impact you.
3. Talk to some experts-
The plan of Making Tax Digital can be overwhelming for a lot of people and businesses but talking to experts in the field in which you need help and advice in will really help.
4. Look at your VAT process –
The forth tip is to take a close look at your VAT process. Change is good so take the time to look over your current processes to see if any need to be changed once MTD is in place.
5. Give yourself time-
Not to worry there is still time for you to adapt to the changes. This is a big change to your business and adapting to it could be hard so giving yourself time is important. So, make a start now and that way when MTD happens in April 2019 your business will not be under stress which means you can complete the new tasks smoothly.