What is Making Tax Digital
Making Tax Digital (MTD) is a government initiative to modernise HMRC’s tax system, intending to make the whole process of administrating tax simpler and more efficient.
Making Tax Digital for VAT
Making Tax Digital for VAT was introduced from 1 April 2019 for businesses with a taxable turnover over the £85k VAT threshold. It requires you to keep your records digitally and file from software from the first vat period commencing after 1 April 2019.
Making Tax Digital for other taxes
Other areas of Making Tax Digital, such as Income tax and Corporation tax, have been put on hold until April 2021 at the earliest.
If you require our assistance with Making Tax Digital please contact us.
Assistance with Making Tax Digital
We have an extremely knowledgeable team ready to help you get up and running with digital record keeping. We use Cloud Accounting to satisfy the digital record-keeping requirement. We have migrated a large number of our clients from manual record-keeping to Cloud Accounting to ensure compliance with the Making Tax Digital rules. Record-keeping does not need to be difficult and we can advise you on digital software so that keeping your records is as seamless as possible.
Our staff are trained in Xero, Sage and QuickBooks so we are able to assist you with your software queries.
If you have concerns over whether you are compliant with Making Tax Digital or you need help setting up a cloud accounting package please call to arrange a free initial consultation.