“MTD is an opportunity for businesses of all sizes to capitalise on the opportunities presented by cloud accounting. The days of spreadsheets and shoeboxes will soon be behind us, so now is the time to reap the benefits of automation, whilst working collaboratively with accountants and other trusted advisors.”
(Will Sterling – Managing Director at SAS)
What is it?
Making Tax Digital (MTD) is a HMRC initiative to ensure the UK tax system is effective, efficient and easier for taxpayers.
- The process will be quicker and more automated for businesses, accountants and HMRC, helping to save valuable time.
- Tax recording will be more accurate, providing fewer opportunities for errors, miscalculations and fraudulent activity.
- By utilising the right software, MTD will make it easier for small businesses to record and file their tax returns online.
Making Tax Digital for business begins on 1 April 2019 with MTD for VAT. From that date, VAT registered businesses above the threshold of £85k will have to keep digital records and submit VAT returns using compatible software.
Other elements of Making Tax Digital, such as income tax and corporation tax, will be coming into effect from April 2020 onwards.
How can we help?
We will ensure you and your business comply with all requirements under Making Tax Digital. We are proud to partner with various MTD compliant software packages, such as:
As well as guaranteeing compliance with MTD, we will advise around the most suitable software to keep your business reporting effective and your internal processes efficient.
Want to find out more?
To arrange a free no obligation consultation, contact us today by calling 0333 202 6441 or email us at email@example.com.