Making Tax Digital

Making Tax Digital for business is Government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs. This project will put all your tax information together in one place online.

What is Making Tax Digital?

Making Tax Digital (MTD) is a UK government plan  to  link end of the tax return with the information Hmrc have on their system and transform the tax system by 2020. The changes will apply to a wide range of taxpayers, including most businesses, micro-businesses, self-employed people and landlords, as well as individual taxpayers.

Why is HMRC introducing it?

Making Tax Digital is intended to help you keep track of your taxes. Here are some of the objectives.

  • Accurate information about the tax 
  • Moving from manual bookkeeping to digital tax accounts.
  • Reducing Errors
  • Giving access to Hmrc to look into your as soon as you have posted the data onto the software.
  • Making the system simple and user friendly
  • Giving quick access of taxes to the taxpayers.
  • Making contact with Hmrc easy and quick

When will Making Tax Digital affect me?

Spring 2019 – Businesses with a turnover above the VAT threshold will have to keep digital records for bookkeeping and vat purposes.

2020 – More businesses will be brought into the net. This is expected to affect small businesses under the VAT threshold as well.

The information provided above is based on current guidance from HMRC and may be subject to change. 


Help with Making Tax Digital

Fast Tax Services Ltd - Accountants and tax consultants in Morden will work with you to prepare for Making Tax Digital. We have full understanding of what is required to manage your business records digitally. We will work with you to assess software need for your business and will help you with the implementation throughout the process.

Please call us on +442035816420 or send us a message on our online enquiry form if you need our help with your year end accounts and we will get back to you straight away.