TOP 5 MTD Myths

1. You must use cloud software … false

You can use a many different type of software to store your transactions including Excel and older versions of accounting software. It does not have to be a cloud solution

1. The current HMRC portal is closing … false

The current portal is not closing in April 2019. Only companies above the VAT Threshold of £85,000 need to use MTDsolutions. 

1. All 2 million companies need to use MTD … false

Only 1.1 million companies turnover is over the VAT Threshold of £85,000. All other companies who have voluntary signed up can use the existing portal.

1.  MTD is being postponed … false 

3.5% of organisation who have a turnover of over £85,000 will be delayed until October 2019

1. HMRC require all your digital records … false

At the moment HMRC are requiring the same 9 boxes as before and at this moment in time do not require the transactions.