MAKING TAX DIGITAL
What is Making Tax Digital (MTD)?
Making Tax Digital is part of the HM Revenues & Customs (HMRC) initiative for a digital system that makes it easier for individuals and businesses to manage and correctly submit their tax affairs. The main driving force behind the MTD initiative is to help reduce tax errors and close the tax gap.
The new system will require all businesses, landlords and self-employed taxpayers, with an annual turnover of £85,000, plus to register, manage, record and submit their tax information online each quarter.
Watch this quick video on what digital record keeping means as part of Making Tax Digital for VAT.
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|APRIL 2019||MTD will be compulsory for all VAT registered (£85,000 +) businesses|
|MAY 2019||Digital submission of first monthly VAT returns|
|JULY 2019||Digital submission of first quarterly VAT returns|
|APRIL 2020||MTD compulsory for Income Tax and Corporation Tax|
How can Hentons help?
As Platinum Partners of Xero and QuickBooks, Gold Partners of Sage and Premium Partners of FreeAgent, all who have been working closely with HMRC to ensure their platforms are MTD compliant, we can help you to make sure you make the necessary changes to the way you do your bookkeeping and file your VAT returns. Our expert MTD team will help you to implement new processes and software’s and train you and your staff.
Find out more about our cloud accounting software here.
Making Tax Digital Factsheet
Following HMRC's final version of regulations for MTD, this fact sheet details what is required of businesses and what is meant by 'digital record keeping'.