Making Tax digital

What is Making Tax Digital?

Making Tax Digital (MTD) is an HMRC initiative announced in the 2015 Budget that aims to simplify and modernize the tax system for both individuals and businesses. Making Tax Digital is a roadmap for the digital transition of the original tax system. All accounting records must be able to link into HMRC’s system which can only be achieved by using HMRC approved software, compatible with their systems.

When will Making Tax Digital be implemented?

MTD’s role is to commence all VAT registered businesses who will need to keep digital records starting from April 2019. All other businesses will have to start a quarterly filing from April 2020.

Who would Making Tax Digital apply to?

Making Tax Digital will eventually apply to sole traders, partnerships, and limited companies.

Benefits of Making Tax Digital:

Accurate Tax Information – replacing paper-based bookkeeping with digital tax accounts will allow you to confirm the information HMRC holds is 100% correct.

Reduced Errors – Making Tax Digital’s new reporting function will allow HMRC to view your tax information almost immediately, reducing human error from data input.

Easier to Understand – HMRC anticipates taxpayers will better understand how much tax is owed within the digital tax account.

HMRC will not be offering software to help quarterly reporting, so SS Accounting has already partnered with market-leading software providers to help make managing your accounting records effortless, wherever you are.

We are assisting our clients with the implementation of digital systems. Digital transformation is at the core of our agenda. We recognize that clients are limited to initiate the process of digital transformation due to a lack of digital knowledge. Our experience allows us to offer a comprehensive package delivering applicable and successful digital transformation for clients.

Profitability restoration

Lean operations

Import/export sourcing

Restructuring

Project management

At SS Accounting, we practice professional business consultancy intending to spot solutions for sustained improvement, to promote efficiency and ideal performance in every business. Our mission is to help you get the most out of your business. Please contact us for assistance.