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Making Tax Digital
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Making Tax Digital
Making Tax Digital for Business was introduced on 1st April 2019 for all VAT-registered businesses with a turnover above the current VAT threshold of £85,000. What is Making Tax Digital? Making Tax Digital is intended to bring the UK tax system into the 21st century by providing businesses with a modern, streamlined approach to keep their tax records and provide information to HM Revenue & Customs (HMRC). The first to be affected are small businesses and individuals with a turnover above the VAT threshold of £85,000, who must keep digital records for VAT purposes from April 2019.
Your business challenges we have the answers!
Any questions? 01795420822
Why is HMRC introducing it?
Making Tax Digital is intended to help you better track how much tax you owe – or how much you are due back – throughout the financial year.
Business plans need to be precise but should explain:
- Accurate Tax Information – Replacing paper-based bookkeeping with digital tax accounts will let you check that HMRC’s information about you is 100% correct.
- Reduced Errors – Making Tax Digital’s new reporting function will allow HMRC to look at your tax information almost immediately, reducing human error from data input.
- Easier to understand – HMRC anticipates taxpayers will better understand how much tax is owed within the digital tax account – much like online banking.
- Easier contact with HMRC – Making Tax Digital will make it easier for you to contact HMRC online via webchats and secure messages.
When will Making Tax Digital affect me?
April 2019 – Businesses with a turnover above the VAT threshold (currently £85,000) must keep digital records but only for VAT purposes.
2023 – Further roll-out of Making Tax Digital affect all VAT-registered businesses and self-employed professionals, self-employed, and landlords under the VAT threshold.
Help with Making Tax Digital
We can work with you to prepare for Making Tax Digital*. As small business owners ourselves, we fully understand what is required to manage your business records digitally. At Top-Notch Accountants, we’ve spent a great deal of time training and developing the right support services to help small businesses through this period of change.
HMRC will not offer software to help you report quarterly, so we will advise you about MTD-compliant software such as QuickBooks, Sage, FreeAgent, Kashflow, Irish and Xero to help manage your accounting records easy, wherever you are.
We are here to help
If you would like us to help you through these changes, call us today on 0179 542 0822 or contact us to arrange a free initial consultation.
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