TaxAssist Accountants can provide support on complying with Making Tax Digital and choosing the most appropriate Making Tax Digital-compatible software for your business.
To book a free initial consultation on your Making Tax Digital obligations, contact our friendly and experienced team. Call us today on 0151 355 5600 or contact us online here to arrange a free initial consultation.
What is Making Tax Digital?
Making Tax Digital requires businesses to keep digital records, use Making Tax Digital-compatible software and submit quarterly updates to HM Revenue & Customs (HMRC).
The main aims of Making Tax Digital are to:
- maximise tax revenue
- make the tax system more effective and efficient
- improve customer service
HMRC introduced the first phase of Making Tax Digital in 2019, which covered VAT. Making Tax Digital for Income Tax Self-Assessment (ITSA) is next on the cards, followed by Corporation Tax.
If you would like us to help you through these changes then call us today on 0151 355 5600 or contact us online here to arrange a free initial consultation.
What are the benefits of Making Tax Digital?
- It’ll be easier to get your tax right
- You’ll have up to date and accurate financial information
- With an estimated tax liability after each submission, you’ll have time to plan to meet your obligations
- You’ll have an understanding of your financial performance and position
When will Making Tax Digital affect me?
April 2022 – All VAT-registered businesses are required to meet Making Tax Digital for VAT.
April 2026 – Sole traders and landlords with business or property income above £50,000 are required to meet Making Tax Digital for Income Tax Self-Assessment.
April 2027 – Sole traders and landlords with business or property income above £30,000 are required to meet MTD for ITSA.
Making Tax Digital for Self-Assessment for Income Tax Self-Assessment for sole traders and landlords with business or property income below £30,000 has been put on hold, and HMRC has not announced a starting date for general partnerships of MTD for Corporation Tax.
To keep up to date with the latest news about Making Tax Digital, please click here to receive our newsletter.
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Help with Making Tax Digital
Let us help you to get your business ready for Making Tax Digital. As business owners ourselves, we fully understand what is required to manage your business records digitally.
At TaxAssist Accountants, we've spent a great deal of time researching, training and developing the right support services for you. We can advise you on MTD-compliant software such as QuickBooks and Xero to make managing your accounting records easy.
If you would like us to help you through these changes, call us today on 0151 355 5600or contact us online here to arrange a free initial consultation.
NB: The information provided above is based on current guidance from HMRC and may be subject to change. Please consult our team at TaxAssist Accountants before taking any action.
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