Now supporting Making Tax Digital (MTD)!
Making Tax Digital and the role of your accountant
Good news, Powered Now is fully MTD compliant, meaning that you can submit your quarterly VAT return via our software.
If you capture your invoices, supplier invoices and expenses into Powered Now, it literally is as simple as pressing a button.
Learn more by watching our how-to webinar
MTD Software / Making Tax Digital Software
MTD, or Making Tax Digital is going to have a profound impact on businesses over the next few years. But it’s not only businesses, it will also make a big difference to the way that accountants support their clients. Benjamin Dyer, CEO of Powered Now, looks at how MTD will impact the relationship between clients and their accountants.
Does the MTD deadline apply to all VAT registered businesses?
There is now a lot of MTD Software available at various price points. It ranges from accounting software which will do your accounts as well as submit MTD returns, to software designed to help you run your business and which is special to your industry but which will also do your MTD VAT return.
What will be the problems with MTD?
The deadline applies to most VAT registered businesses although you do not currently have to comply if you have voluntarily registered and are below the VAT threshold of £85,000 sales per annum.
Are there any benefits from using MTD?
The biggest problem with the MTD for VAT implementation is the short time in which this is expected to happen. There is a big chance that companies supplying solutions will be overwhelmed by the demand for help in the available time.
Although it’s easy to be cynical, there are likely to be benefits to businesses using the MTD platform, alongside of the pain of implementing a new system.