So, what is Making Tax Digital…

and are you ready for it?

What is it?

Making Tax Digital is a new UK Government initiative that sets out a vision to be the “end of the tax return as we know it”. It aims to implement a ‘transformed tax system’ by 2020. HMRC aims to make tax administration much more effective, efficient and simpler for the taxpayer. The changes apply to a wide range of taxpayers including most businesses, micro-businesses, self-employed people and landlords, as well as individual taxpayers.

So, whether it’s optimising cloud software or getting your head into the cloud, we can help you get the most out of this new digital system. Trust us, it genuinely isn’t as scary as it sounds and it will make life easier, allowing business owners to get on with what they do best. Let us know if you would like to arrange a time to discuss your options.

Do I have to register for Making Tax Digital?

No. There isn’t much you need to do at all, just make sure that you have started using software or apps that will integrate with HMRC’s new digital system. We are partners with all MTD approved cloud software providers and our team can help with your onboarding.

Sign up for Making Tax Digital for VAT

If your taxable turnover is more than £85,000 you must sign up for Making Tax Digital for VAT. Doing so will allow you to keep digital records and submit your business’s VAT return using compatible software. Visit the UK Government website for all the information and how to sign up for MTD for VAT.

Has Making Tax Digital been delayed?

It was delayed from its original start date of April 2019. At the time it was due, only 10% of firms said that they knew “a lot of the details” about the switch to the digital system. Now, with the many options in cloud accounting software available, many SMEs are benefiting from savings of £17,000 a year as suggested in analysis from Sage.

Making Tax Digital Video Series

1. We’re ready for Making Tax Digital. Are you?
2. Optimising cloud software
3. Getting your head into the cloud
4. Switch to us