TOP 5 MTD Myths
- 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
- 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.
- 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.
- MTD is being postponed … false
3.5% of organisation who have a turnover of over £85,000 will be delayed until October 2019
- 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.