Making Tax Digital is the UK government’s pioneering initiative to take all tax submission online and to therefore enforce digital record keeping via computer software.
Eligible VAT-registered businesses started taking part from April 2019 and other forms of business tax set to follow in the future.
The timeline and goals of Making Tax Digital have changed several times following government review and this guide aims to remove any ambiguity for both businesses and accountancy practices, while offering advice on how to get ready for it.
Beyond a full description of the Making Tax Digital scheme, a helpful business checklist and advice on submitting VAT returns, here are just some of the questions answered within the guide:
- Will I need to set up a new direct debit with HMRC for Making Tax Digital for VAT?
- Do my VAT payment deadlines change with MTD for VAT?
- I keep handwritten sales records. Am I breaking the law now MTD for VAT is here?
- What’s the future for Making Tax Digital for Business?
The ultimate guide to Making Tax Digital also features advice from entrepreneur and Sage Ambassador Peter Jones, who offers top tips to help your business in its Making Tax Digital preparations.
Making Tax Digital should make it easier for individuals and businesses to get their tax right and keep on top of their affairs as well as transforming HMRC into a world leading, digital tax authority. Ultimately, it will make life easier for everybody.
This guide can help your business or practice ease itself into the process with the minimum of fuss and stress.