The MTD Threshold
According to HMRC, most VAT-registered businesses with a taxable turnover above £85,000 must now follow the rules for Making Tax Digital for VAT. If you qualify, you’ll need to keep digital records and to submit VAT Returns using compatible software.
MTD and You
Does your VAT-registered, product-focused retail or wholesale business exceed the MTD threshold? Then it’s time to get with the times. Do away with your old paper records and move to accounting and inventory software that makes you digital.
What To Do Next?
Let’s be honest. You can’t easily run a product-focused business on paper these days. Now that HMRC is making tax digital, it’s the best time to upgrade your operations with the right software. If you’re still plowing away with paper receipts, invoices, purchase orders, and spreadsheets, make the move to the right accounting software and inventory management system.
Don’t be buried under mountains of paper Get MTD-compliant and make your business easier to manage. Use Cin7 inventory management software and POS system for all your purchases, sales, stocktakes, pricing and product information and more. Cin7 is always accurate, never average, giving you precise COGS and landed costs. Cin7 integrates seamlessly with Xero. Fill out the form below to learn more about what Cin7 can do for your business.