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Making Tax Digital is the process to implement HMRC's plans to modernise the tax system, by providing businesses with a modern streamlined system to keep their tax records and provide information to HMRC.
MTD for businesses is being introduced tax by tax, not by business size or type.
The first to be affected will be small businesses and individuals with a turnover above the VAT threshold of £85,000, who will be required to keep digital records and file their VAT returns electronically using MTD-compliant accounting software. Manual submission through the HMRC online services for VAT will no longer be accepted.
What is it?
Making Tax Digital is intended to help you keep a better track of how much tax you owe - or how much you are due back - throughout the financial year.
Accurate Tax Information
Replacing paper-based bookkeeping with digital tax accounts will let you check the information HMRC holds about you is 100% correct.
Making Tax Digital's new reporting function will allow HMRC will to look at your tax information almost immediately, reducing human error from data input.
Easier to understand
HMRC anticipates taxpayers will better understand how much tax is owed within the digital tax account - much like online banking.
Easier contact with HMRC
Making Tax Digital will make it easier for you to contact HMRC online via webchats and secure messages.
All our staff here at Branagans Accountancy Services Ltd are capable of assisting you with your accounting requirements to ensure you and your business are fully compliant with Making Tax Digital.