Making Tax Digital – what you need to know

Making Tax Digital for VAT (MTD for VAT) requires VAT-registered businesses above the VAT threshold to record and report their VAT digitally to HM Revenue & Customs (HMRC) using specialist software.

For more information and how we can help you with Making Tax Digital please contact info@thornewidgery.co.uk

What does this mean for me?

Businesses, investors and workers across the UK face a challenging time ahead, as the Government continues to implement its Making Tax Digital initiative.

This landmark change in the recording and reporting of tax will gradually see the major components of taxation taken online, using the latest HM Revenue & Customs-compliant software, apps and programs.

Taxpayers must be fully prepared for these changes, as they could face fines of penalties if they do not comply in future.

Below are the key dates for MTD to help you track your journey and ensure you are compliant with the changes ahead.

TW MTD Roadmap

We know there is a lot to consider, which is why our team have prepared a helpful guide, packed with information on the various stages of Making Tax Digital and what you may need to report.

Download our latest Guide to Making Tax Digital

A guide to Making Tax Digital

Making Tax Digital for VAT

Making Tax Digital for Income Tax Self-assessment

What software will I need?

MTD for VAT requires businesses to use ‘functional compatible software’. You can find out more about compatible software here.

Making Tax Digital – the next steps

While the deadlines for the various stages of MTD may seem some way off, the changes required to comply with this new tax system are complex.

Businesses and taxpayers may need to invest in new technology, such as cloud accounting software, and alter their method of recording and reporting accounts and tax information.

We have already helped a wide range of businesses with the initial stages of MTD and can assist you by putting the necessary software, apps and procedures in place.

To arrange an initial MTD consultation with our team, please contact us.