You’ve heard us talk about Making Tax Digital many times right here on this blog. “Will it…Won’t it?” We have pondered many times.
Well, it appears that Making Tax Digital has been awarded the Green Light and all systems are go.
More specifically, it is the Making Tax Digital for VAT which has just been launched as a Pilot Version, with plans for it to become fully functional in April of next year.
The good news is that you can get your Pilots License from HMRC and take their new Pilot for a spin and see if it meets your standards.
If it doesn’t, then HMRC want to hear about it. No doubt there are still going to be a few gremlins in the system, which means they need Pilots such as yourself to really put the system through its paces.
To qualify for Making Tax Digital for VAT (Pilot Version) you should be registered for VAT and have a turnover of 85,000 pounds or above. If you meet this criteria then you are all set to start using the Making Tax Digital software.
According to HMRC, this whole Making Tax Digital thing will make it as easy as pie for businesses and self employed people around the country to get their taxes done, on time, each and every year.
This includes contractors and freelancers of course. And if you are a contractor making over £85,000 a year and you are registered for VAT, then you should also get your Pilots License and give Making Tax Digital for VAT a try.
Or you could just let your contractor accountant handle the whole thing. They have a Master Pilots License. There is no doubt about that. If they flew a real plane then it would be a luxury private jet fit for a King or Queen.
Don’t just let any old accountant handle your Making Tax Digital affairs. Most accountants are like the Pilots that fly budget airlines such as Easy jet and Ryan Air. Sure, they are not bad Pilots…but they are nothing compared to the Elite.
Our very own contractor accountants are the elite…you can take our word on that one.
So what are you waiting for? It’s expected that around half a million businesses and self employed people will eventually get signed up for the Making Tax Digital for VAT party. And once the system is ironed out then it should be easier than ever before to file your taxes.
Gone are the days of filling out forms and then sending it in the post. Have you seen the prices of stamps these days anyway?
Say hello to the new era…the Making Tax Digital era…where all you need is a computer, internet connection and…a contractor accountant.