This practical masterclass will demonstrate how digital accounting software such as Xero can be used by owner-managed businesses, accountants and bookkeepers in order to comply with HMRC’s Making Tax Digital (MTD) requirements.

All VAT registered businesses and organisations with taxable turnover exceeding the threshold are now required to:

1. Maintain their accounting records digitally in an accounting software or spreadsheet. Maintaining paper records will cease to meet the legal requirements in tax legislation.
2. Submit their VAT returns to HMRC using MTD compatible software.

FROM 1 APRIL 2022 ALL VAT Registered businesses must follow MTD rules regardless of turnover which will in due course be extended to ALL UK businesses.

What you will Gain

1. Understand how to comply with HMRC’s MTD requirement to maintain accounting records digitally
2. Better manage your business by having 24/7 access to digital records and Key Performance Indicators
3. Save on accountancy fees by preparing and submitting the VAT Return to HMRC yourself.