Making Tax Digital In The UK
Making Tax Digital Is Here...
We're here to help you prepare for the change.
Although Making Tax Digital (MTD) for VAT seems like a big change for businesses and individuals alike, the MTD scheme will in fact make it easier to manage, report and pay your taxes to HMRC.
Here at HMS Accounting, we’re here to help you every step of the way.
Making it simpler, easy to understand and work for you is what we do.
What is “Making Tax Digital”?
Making Tax Digital (MTD) is a government initiative to modernise HMRC’s tax system, with the aim of making the whole process of administrating tax simpler and more efficient.
Worried about the Government’s new Making Tax Digital scheme?
The Government wants to make things easier for businesses and individuals to keep on top of their tax affairs. This is done by providing everyone, companies included, with their own digital tax account. It means that there will be less opportunity for error, and will eventually do away completely with the annual tax return.
Who will it affect?
Businesses who currently have a turnover above the VAT threshold. The initial phase of MTD will just focus on VAT. In the future, individuals will no longer be required to submit an annual self-assessment tax return. This will effectively be replaced by the personal tax account and the ability to keep it updated throughout the year, as and when things change.
Are you ready?
Important: Submitting the first VAT return from 1st April 2019 needs to be done through an approved online software package. Call us to find out which ones.
When does it start?
For the initial phase, it’ll begin April 2019. However, a live pilot scheme will be starting in Spring 2018. It won’t be until at least 2020 that businesses will need to keep digital records for things outside the VAT remit.
What will the benefits be?
Your tax affairs will be kept up to date in real time. You’ll have a more comprehensive picture of where your organisation stands financially. The whole process will be simpler and communication with HMRC much easier.
About HMS Accounting
HMS Accounting works for companies just like yours – small enterprises with big hearts and even bigger plans for the future
HMS Accounting are here to help
We are here to help advise you with your transition to MTD. We have everything you need to become MTD compliant, with minimal disruption to your business. Whether that’s planning for the switch-over, upgrading your software or providing training, we’ll offer you peace of mind.
We’ve teamed up with QuickBooks
QuickBooks is the world’s No. 1 online accounting solution. This fully HMRC recognised compliant accounts package will not only save you time and benefit your business from day one.
What should I do next?
Watch the information video below on Making Tax Digital For Business.
Needs more help?
If you’re ready to talk digital give us a call or complete the contact form, we’ll be happy to help.
We cover Making Tax Digital in Hertford.