Making Tax Digital…Easy
Despite there being a lot of confusion surrounding making tax digital, it’s not as scary as it sounds…
So, what is Making Tax Digital?
Making Tax Digital (MTD) is an HMRC initiative designed to make sure the UK tax system is effective, efficient and easier for taxpayers. VAT-registered businesses above the threshold of £85k will have to keep digital records and submit their VAT returns using MTD-compatible software. Making Tax Digital for business (MTDfb) begins on 1 April 2019 with MTD for VAT.
Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs.
Guidance, information & support to help you prepare for MTD can be found here