Tax Software for the Construction Industry
Make your tax process more effective, efficient, and simple - without mistakes
If you’re a VAT-registered business, you’re now legally required to keep digital records for your tax returns and file them using software that’s compatible with Making Tax Digital (MTD).
Errors and incorrect tax return submissions are estimated to cost the government more than £9 billion a year. MTD aims to address this issue by simplifying the UK tax system and moving it online, with quarterly or monthly tax returns and digital record-keeping. It’s being rolled out in phases, starting with MTD for VAT.
If you’re a UK VAT-registered business, you must use MTD-compatible software to file your returns and sign up for MTD. Here are the steps you need to take:
- Choose the right MTD-compatible software for your business
- Check that the permissions allow the software to work with HMRC
- Maintain digital records for your VAT returns
- Sign up for MTD
- File your VAT returns using MTD-compatible software.
There’s a wealth of additional information available at GOV.UK, including how to apply for exemptions and software discounts.
RedSky Has a Solution for Construction Businesses
We specialise in developing and delivering innovative software solutions for the construction industry. We know a lot about MTD and its requirements because we have been involved since its inception – we are an active member of the British Application Software Developers Association (BASDA) working group, which contributed significantly to the government’s MTD consultation.
Our award-winning construction ERP solution is fully compatible with MTD. Our customers now use it routinely to record their MTD information securely in the correct digital format – and to complete and submit their VAT returns easily, quickly and accurately.
Speak to one of our specialists today!