Making Tax Digital (MTD) is an initiative brought in by HM Revenue & Customs to digitalise and simplify the way we report our financial information and the tax owed.
The digitalisation of VAT, income and corporation tax is rolling out at different stages.
How does this affect my business?
From 1 April 2022 MTD for VAT is becoming compulsory for ALL VAT registered businesses.
This means the next VAT return you submit after the 1 April 2022 must be submitted to HMRC via a digital link.
Compliant accounting software must be used to keep your business records which will allow you to submit your information.
How we can help
We recommend Xero as your cloud compliant solution.
- It’s easy to use and can be accessed anywhere, anytime
- Already MTD compatible
- Automated data entry functionality reduces manual input
- Live data allows you to make effective decisions about your business
- Cloud based so no need to worry about backing up your data
We are here to guide you through the process and the earlier you adopt digital practices the easier it is to iron out any teething issues and get into the swing of what information you need to provide well in advance of your next return.
Get in touch
We’ve been helping businesses of all sizes prepare for MTD for some time now. We have a dedicated team ready to discuss the options, assist with set up, training and much more so please do get in touch for a free initial chat.