Making Tax Digital

If you haven’t heard about Making Tax Digital (MTD), then you will very shortly. In a sentence, HMRC are requiring that all taxpayers will have a digital account with them and file certain information at least quarterly.

Here’s some things about MTD:

 

What Is the Purpose?

HMRC's ambition is to collect and process information in real-time, so no more waiting for year-end accounts. They want digital accounts to also manage the data they have on you in a better and more efficient way. Another reason is for you to have one account with them rather than several if you have many elements to your tax affairs.

Who Does This Affect?

All businesses, self-employed people and landlords.

Roll-Out

Starting in April 2018, HMRC will start the process with Landlords and businesses with turnover above the VAT threshold. If you are a landlord or business above the VAT threshold, then do not wait any longer. You will need to get ready for the transition. Contact us for assistance. From April 2019, businesses below the VAT threshold are included. From April 2020, businesses paying Corporation Tax and large partnerships are included.

What Does This Mean?

This means that it could be the end of Self-Assessment Tax Returns and Year-End filing for certain tax records. It also means that you will be required to report to HMRC more often and will need the system and solution in place to deal with this. Don't delay, get in touch with us to see how we can help.

What If I Do Nothing?

If you do nothing and Making Tax Digital happens, then you could be faced with penalties. It has been stated by HMRC that they will not issue penalties for the first year.

 For further information and latest from HMRC, please click here.

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