Making Tax Digital is a UK government initiative that is pioneering. Once fully live it will mean that HMRCs tax system is one of the most digitally advanced in the world.
The benefit to businesses and individuals Is better accuracy more efficiency to get tax right.
MTD was made mandatory for VAT registered businesses above the 85k VAT Threshold. This includes Sole Traders, Limited Companies and Partnerships. These businesses are required to keep digital records and send VAT returns to HMRC using approved software.
All VAT Registered businesses required to submit VAT returns using HMRC Approved Software.
Self Employed Businesses (Including Landlords) earning over 10k will need to use HMRC Approved Software to file returns quarterly.
All the Cloud Accounting Software recommended by Better Bookkeeping is HMRC Approved & MTD Compliant. We can help you get prepared for Making Tax Digital before the deadline to ensure a smooth transition.
If you are an Accountant looking for support with migrating clients to cloud, check out our Accountant MTD migration to cloud service at the bottom of our services page.
Through the mapping exercise we will be able to find the areas or manual processes. We then dive deeper on these individual processes and start to build specific features and Cloud Software types that would best streamline your business and get the best results.