Making tax digital
Get ahead with our guidance
Making Tax Digital (MTD) represents the biggest shakeup in the way UK tax works this century. It will, as the name suggests, digitalise the tax regime to make it, HMRC hopes, the most technologically advanced tax system in the world. And yet, only 14% of accountants think their clients are truly ready for the changes, potentially because of a lack of Government communication.
With us, you can skip the research and come to grips with the complex changes. Whether it’s MTD for VAT, income tax self-assessment or corporation tax, we’ll advise you on what you need to do so you don’t fall foul of the rules.
To comply with MTD, you need to keep digital records in your business. Which ones exactly will depend on which precise scheme you join. MTD for income tax self-assessment is due to begin in April 2024, and MTD for corporation tax has been rumoured to be coming in 2026 at the very earliest. All businesses registered for VAT must comply with MTD for VAT.
You also need to use specific technology to stay compliant. Most people will find it easiest to use one of the solutions that HMRC has listed. Others prefer to use ‘digital links’ to link their data with HMRC. We’ll work with you to understand which technological solution is right for you so you can get on with your new accounting responsibilities with your right foot forward.