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Making Tax Digital

Are You Ready?

http://heatcoolappliance.com/e.com/embed/PrzS9i9C2OM Do you file a tax return? Things are changing.

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Who does this change affect?

Making Tax Digital (MTD) is the most significant tax shake-up in the last fifty years. If you file a tax return, you’ll soon need to do it in an MTD-compliant way. That’s because the government is moving HMRC to a digital-based tax system.

From the period of 2018 to 2021, MTD will affect the self-employed, unincorporated landlords with a net turnover above £85,000, and VAT registered businesses. All these companies will need to record their business related transactions digitally using an MTD-approved software package. And they will also be required to update HMRC every quarter for National Insurance obligations and income tax.

What does it mean for me?

As discussed above, all businesses will be required to become MTD compliant, but not at the same time. The nature of your business and the level of your turnover will determine the timing of your migration.

You will move into the MTD regime in the relevant tax year listed below.

How does MTD help?

There are four main benefits of MTD. Making Tax Digital will:

  • Improve the quality of record keeping
  • Reduce the chances of error (less manual entry)
  • Make management of your business affairs more efficient
  • Save time as you don’t need to gather and input as much data

What can I do?

Contact us as soon as you can, and we’ll talk through what MTD means for you and your business.

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Evolve Modern Accountants
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