Making Tax Digital
Making Tax Digital (MTD) is the first in a series of moves by the government to turn the tax system in the UK fully digital. Changes in legislation mean that the way you record and present your tax records has changed and has moved on to an electronic footing.
The first stage in this process was the introduction of Making Tax Digital for VAT. This means that VAT-registered businesses with a taxable turnover above the VAT threshold are required to keep records digitally and use software to submit their VAT Returns.
Our team are up-to-date with all requirements and available to guide you through the process. We are able to offer you advice and support to allow you to make the transition to electronic VAT submission. To find out more about Making Tax Digital, click on the link below.
https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital
Understanding the Process
Making Tax Digital is a government initiative aimed at bringing the tax system into the 21st century. It aims to provide HMRC with up-to-the-minute information as it requires taxpayers to have a fully digital system through which they will register for, file and pay their taxes. Our team can help you successfully negotiate your way through this process.
Recording VAT Digitally
VAT was due to turn fully digital in April 2020 but due to COVID 19 this was delayed to April 2021. The Government now require businesses to keep all VAT data online rather than through receipts and hard copies. This is a service we can implement and manage on your behalf.
Submitting VAT Digitally
Since April 2021, businesses are required to upload and submit their VAT returns through compatible software, and no longer allows you to submit your VAT figures manually. Companies are able to provide information to HMRC more regularly than quarterly, if they desire. This requires businesses to purchase compatible software and stay abreast with the requirements. We can provide advice and guidance to ensure you choose the most appropriate system for your business.
Complying with the Law
Our specialist team can take on this responsibility for you and ensure your business remains fully compliant with the MTD legislation.