The Help to Grow: Digital scheme could help your business get ready for the extended rollout of Making Tax Digital (MTD) for VAT this April.
The initiative – which forms part of the Government’s flagship Help to Grow programme – provides discounts of up to £5,000 on approved digital accounting software.
From 01 April 2022, MTD for VAT will be extended to all VAT-registered businesses, instead of just those earning above the VAT threshold (currently £85,000).
This means using MTD-compliant software to submit quarterly digital VAT returns.
The Help to Grow: Digital scheme – which launched in January this year – could help you to pay for this software, plus any additional features and support that might benefit your business.
Under the scheme, you can get a discount of up to 50 per cent on eligible software for the first 12 months, up to a maximum of £5,000.
The approved provider list is growing each month, but currently includes software from Intuit QuickBooks, Crunch, and Sage.
According to recent research, seven in 10 (69 per cent) businesses reported at least one benefit after from MTD for VAT, such as “preparing and submitting returns faster” and “increased confidence that they were getting tax right”.
For help and advice with related matters, please get in touch with our team today.