MAKING TAX DIGITAL
Making Tax Digital is a new government initiative designed to make the tax system more effective and efficient, and make it easier for taxpayers to get their tax right.
You can find out more information about this on the government website here.
Making Tax Digital for VAT
All VAT registered businesses are now required to follow the Making Tax Digital rules by keeping digital records and submitting VAT returns through software.
Making Tax Digital for Income Tax
Starting on 6th April 2024 MTD ITSA (Income Tax Self-Assessment) will be mandatory for the self-employed and those with income from property. However, it will only apply to those with turnover from self-employment plus gross rental income above £10,000.
From 6th April 2025 it is proposed that MTD ITSA will be mandatory for general partnerships (not limited liability partnerships) with a turnover above £10,000.
How we can help
Making Tax Digital (MTD) is about keeping digital records and submitting information to HMRC electronically through software.
If you are comfortable with processing the digital records yourself, we can assist with getting you set up with the correct software and guiding you through the process.
Alternatively, we can process the digital records for you through our bookkeeping service, and submit the required information to HMRC on your behalf. Leaving you more time to concentrate on your business.
For more information, please contact us and we will be happy to help.