Making Tax Digital
The Government is due to implement its Making Tax Digital (MTD) initiative over the coming years, which it hopes will create a ‘transparent and accessible tax system fit for the digital age’.
The new regime will see taxpayers move to a fully digital tax system, with businesses and individuals required to register, file, pay and update their information using a secure online tax account.
Businesses will eventually be required to supply up-to-date information in respect of their income tax, VAT and national insurance contributions (NICs). Updates will need to be made at least quarterly.
61 can assist businesses in making full use of this new system when it comes into effect, and can provide advice and support in regards to the quarterly updates required by HMRC. In addition, our advisers can supply you with support in regards to making use of specialised software and cloud accounting programs needed for MTD, as outlined by HMRC.
We will be keeping up to date on the latest developments in relation to MTD.
Download our fact sheet ‘Making Tax Digital for VAT’