What is Making Tax Digital?
We understand that every client has completely different requirements, and so that's why we create a bespoke package for our clients, whether they're individuals, businesses or medical professionals. So if you need tax planning, bookkeeping, or a more in-depth service, we're here to help.
With over 30 years experience, a joined up approach with our financial planning and legal team, and a personal service tailored to you, we're certain we can provide you with a one of a kind experience.
Making Tax Digital (MTD) comes into effect from
1st April 2019. This will fundamentally change the way taxpayers complete their taxes, with the intention to make the tax system more effective, efficient and easy to get right.
HM Revenue & Customs (HMRC) describes Making Tax Digital as “a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their financial affairs”.
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Making Tax Digital (MTD) comes into effect from 1st April 2019. This will fundamentally change the way taxpayers complete their taxes, with the intention to make the tax system more effective, efficient and easy to get right.
MTD will initially apply to all businesses with a taxable turnover above the VAT threshold (currently £85,000) in the following ways:
All businesses will be required by law to store their financial records digitally and submit VAT returns from MTD-compatible accounting software.
The HMRC online account page used by businesses to submit VAT returns will be closed to those who are required to comply with MTD.
This method of submission will therefore be unavailable by 1st April 2019.
Paper records will cease to meet the legal requirements in tax legislation.
If you are an individual or business that falls under the VAT threshold, you may complete your tax returns as normal.
However, it is worth noting that while there is no legal deadline for the rolling out of MTD to other areas of tax, it is clearly the government’s intention to continue to move in this direction.
We therefore recommend that you begin the digital transition as soon as possible. Our Accounting Team have lots of expertise in this important area, and they will be happy to help guide you through the process.