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What is Making Tax Digital for VAT? All VAT-registered companies with a taxable turnover exceeding the VAT registration threshold (currently, PS85,000) have been required to submit their VAT returns via an approved app. This system is known as Making Tax Digital for VAT. More than a million UK businesses were affected by MTD for VAT. Many of these businesses were forced to modify the way they kept their VAT records and submitted their VAT returns.  You will need to maintain digital VAT business records and send VAT returns via MTD-compatible software if your business needs to register for VAT. You can access this software from your smartphone via a cloud-based app. This means that you will have already entered all of your information into the app but will be able to communicate with HMRC by pressing a button.  Businesses VAT-registered had to report VAT quarterly before MTD was rolled out. The frequency of reporting has not changed. The information that you need to input h...

What is MTD VAT software? This program allows individuals and small businesses to file their annual taxes. Self-employed people can use software to track their spending.   These programs can be customized to suit their needs and save them time and money. mtd software excel What is MTD software useful for SMEs? Small businesses have many accounting options.   All invoices and receipts should be kept track of by small and medium-sized companies. Small businesses can use MTD Excel software easily, particularly for self-employed people. MTD software allows them to keep track of sales and expenses, without the need for anyone to hire. This allows entrepreneurs to make accounting changes at any moment. Payroll services can be used by small and medium-sized businesses to collect payments from customers.   MTD software is another option. Contractors love MTD MTD is a great tool for contractors and home-based workers.   Both the contractor as well as the owner...