Making Tax Digital

Making Tax Digital is a government initiative designed to make it easier for individuals and businesses to get their tax right and to keep on top of their tax-related affairs.

With the ambition to become ‘one of the most digitally advanced tax administrations in the world’, HMRC are using software to make tax more effective, more efficient and easier for taxpayers to get their tax right.

Compatible with over 500 different accountancy software types, you can submit VAT Returns directly to HMRC without needing to visit the HMRC website.

For more details please visit the HRMC website.

Making Tax Digital for VAT

All VAT-registered business who meet the VAT threshold are required to use the Making Tax Digital service and submit a quarterly tax return. This means businesses need to store digital records and submit their VAT updates to HMRC.

For companies that have already gone digital, or tend to operate on a paperless basis, this is unlikely to be a drastic change. However, we appreciate some businesses do not operate in that way, and we are on hand to guide and educate people on how to make the switch. It’s always a pleasure seeing businesses see the benefits of making the change to go digital.

Businesses below the threshold of taxable income less than £85,000 are not legally required to use the service yet, however we expect it will only be a matter of time before it becomes compulsory, and would encourage all businesses to go digital sooner rather than later.

Making Tax Digital for Income Tax

This is currently in the pilot stage and therefore only applicable to the minority, however, it is something likely to be rolled out in the future.

Again, this is something we are fully equipped to help all individuals and businesses with, and something we encourage you do sooner, rather than later, so you’re fully prepared when these changes are eventually introduced.

As mentioned, we are on hand to help businesses of all scales, with a passion for the benefits of going digital. Such benefits include:
  • Cost effective
  • Time efficient
  • Simple data entry
  • Fast, streamlined processes
  • Automation of reports and analysis
  • Automations of tasks
  • Reduction of errors
  • Reliability and scalability
  • Increased data security
  • Convenience of being able to store everything in one place

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