Making Tax Digital/ Online Accounting
What is it?
Making Tax Digital (MTD) is the most fundamental change to the administration of the tax system since self-assessment over 20 years ago.
What does it mean for me?
1. Electronic record keeping – You will have an obligation to keep and preserve records digitally
2. Quarterly reporting – Updates of income and expenses are required to be made to HMRC (within 30 days of the end of each quarter has been proposed)
When do these changes come into effect?
1. April 2019 – Businesses above the VAT threshold will be required to keep their records digitally and to provide quarterly updates to HMRC directly from that accounting system.
2. April 2020 (at the earliest) – Companies, partnerships, the self-employed and landlords will be required to report quarterly.
How can you help me to meet these obligations? We are certified advisors for the following leading cloud-based software companies which in our opinion offer the best solution to Making Tax Digital whilst providing a large number of additional features and benefits: