What is Making Tax Digital?
Making Tax Digital (MTD) is an HMRC initiative designed to make sure the UK tax system is effective, efficient, and easier for taxpayers.
Making Tax Digital for business (MTDfb) begins on 1st 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 components of MTD, such as income tax and corporation tax, have been placed on hold until April 2020 at the earliest.
Effective – Tax recording will be more accurate, providing fewer opportunities for errors, miscalculations and fraudulent activity.
Efficient – The process will be faster and more automated for businesses, accountants and HMRC.
Easier – With the right software, Making Tax Digital will make it easier for small businesses to record and file their tax returns online.
The GJA ‘Cloud Computing’ team are working hard to ensure all clients are MTD ready. Should you need to discuss MTD and the options available for compatible software, please do not hesitate to get in touch. We would love to hear from you.
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