The adoption in the UK of a transatlantic approach to income tax could appeal to a cash-...
Making Tax Digital
Making tax digital (MTD) has no doubt been one of the biggest shifts in how businesses submit their tax returns to HMRC and maintain the underlying accounting records. Getting your tax right and keeping on top of your tax affairs is now easier thanks to significant advances in technology.
Why the change to Making Tax Digital?
Following delays because of Brexit and Coronavirus, by 2021 HMRC will have moved to a fully digital tax system where:
- Bureaucratic form-filling is eradicated: Taxpayers should never have to tell HMRC information it already knows;
- Unnecessary time delays are eliminated: The tax system operates much more closely to ‘real time’, keeping everyone up to date and removing the risk of missed deadlines, unnecessary penalties, debts arising and errors in the system being carried forward from one year to the next; and
- Taxpayers have access to digital accounts: With the information HMRC needs automatically uploaded, bringing an end to the tax return.
What are the changes?
The transformed tax system of 2020 has four foundations:
- Tax will be simplified
- Tax in one place
- Making tax digital for businesses
- Making tax digital for individual employees
How can HURST's MTD experts help?
Errors that can occur when submitting information to HMRC will become a thing of the past with the improved accuracy that digital records provide.
As certified partners of all the main MTD software providers, our experienced making tax digital consultants are perfectly placed to advise you on the best software to use for maintaining and submitting your digital records to HMRC in a compliant manner.
Regular accounting health-checks, outsourced MTD VAT return submission, along with Sage/Xero implementation, are also part of the parcel, taking one more thing off your mind!
For more information on support with Making Tax Digital, feel free to contact a member of our Making Tax Digital team by clicking here or by calling 0161 477 2474