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3 July 2020  -  Tax Xero

Making Tax Digital

From 1st April 2019, all businesses with a taxable turnover above the VAT threshold (currently £85,000) will be required by law to store financial records digitally and submit VAT returns from MTD-compatible accounting software.

The government’s MTD initiative means that UK businesses will need to store digital records and submit updates to HMRC using recognised accounting software, like Xero. No more shoe boxes of receipts! Make sure you are ready!