Making Tax Digital is intended to modernise and streamline the UK tax system by providing businesses with the tools to keep their tax records digitally and more easily provide information to HMRC. From April 2019 small businesses and individuals with a turnover above the £85,000 VAT threshold are required to keep digital records. From 2023 Making Tax Digital will be implemented for all VAT-registered businesses, self-employed professionals and landlords under the VAT threshold.

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HMRC view Making Tax Digital as the future of a large portion of tax return filings. Some of the many great features which have led to this conclusion include: 

• Enables you to keep track of how much tax you owe or are owed throughout the year, this removes any surprises at the end of the year and allows businesses to set aside funds for tax purposes.

• Errors are greatly reduced when compared with paper-based bookkeeping.

• HMRC can view tax information with fewer delays.

• Via webchats and secure messages, HMRC will be easier to contact.

• HMRC expect taxpayers to view the digital tax system like online banking and better understand their tax liabilities.

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We can work with you to prepare you for the rollout of Making Tax Digital. As small business owners ourselves, we fully understand what is required to manage your business records digitally. At TaxGenius Accountants, we have prepared for this period of change and can provide guidance and training services to help you adapt and prepare too. HMRC will not be offering software to help you report quarterly, so we will advise you about MTD-compliant software such as Intuit Quick Books to help make managing your accounting records easy, wherever you are.

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For further information on our Making Tax Digital services please don’t hesitate to call us on 0800 020 9513 or visit the Contact Us page for additional contact methods.

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