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The Making Tax Digital pilot for Self Employed businesses launched in March which will progress in a few years’ time as a new form of tax administration that will me mandatory for any individual, business or non-profit organisation that has to file a tax return.
Making Tax Digital (or MTD as it is becoming widely known) is the core of HMRC’s plan to become one of the most digitally advanced tax administrations in the world. They are working with software providers to allow you to automatically update your tax account and submit information to HMRC. Paper accounting will become completely superseded as the legislation comes into force in stages as follows:
April 2019 – Businesses and individuals above the Vat threshold will be required to set up a digital tax account and file returns online for VAT purposes.
April 2020 – Vat registered businesses with turnover less than £85,000.
After April 2020 MTD will become compulsory for anyone who files a tax return.
The purpose of MTD is for business owners to improve their efficiency, effectiveness and make it easier to stay compliant with the Tax Office.
Benefits of MTD include:
Review all of your information with your personal digital tax account with ease.
More efficient submission of information to HMRC and online payments.
Accuracy in reporting, making less errors which means more accurate payments making it less likely to experience checks and audits.
A live up-to-date picture of your finances and the tax you owe.
Do you want to come in to the pilot scheme with us? Ensure you’re ready for the transition well before MTD becomes compulsory!
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