You need to take steps now to make sure you are ready for Making Tax Digital
To be compliant with the Making Tax Digital for Income Tax Self-Assessment rules, you must use ‘functional compatible software from the point of transaction through to the submissions made to HMRC to maintain ‘digital links’.
The software must be able to:
- Keep records in a digital form
- Preserve digital records in a digital form.
- Create a tax return from the digital records held in functional compatible software and provide HMRC with this information digitally.
- Provide HMRC with tax data voluntarily.
- Receive information from HMRC via the API platform that demonstrates the business or taxpayer has complied.
The best way to achieve compliance is to use existing cloud accounting platforms. Not only will these help you stay on the right side of HMRC, but they also offer many other benefits to businesses. We have helped lots of businesses like yours find the right systems for them and would love to discuss the benefits of our online accounting systems with you.
We have created a FREE helpful guide with further information on what needs to be done is on our link below: