What is Making Tax Digital?
You have probably seen, heard, or read about making tax digital. But what is it?
Making tax digital is a key part of making it easier for individuals and businesses to get their tax right and keep on top of their affairs - to make things more effective, more efficient and much easier. HMRC wants to become one of the most digitally advanced tax administrations in the world!
Making tax digital is a key part of making it easier for individuals and businesses to get their tax right and keep on top of their affairs - to make things more effective, more efficient and much easier. HMRC wants to become one of the most digitally advanced tax administrations in the world!
As the rollout of Making Tax Digital continues, here’s what you can expect to happen next;
VAT - VAT registered businesses with a taxable turnover below £85,000 will need to comply to the new making tax digital rules.
Self assessment - Making tax digital for income tax will be introduced by 2024, this will require self-employed people and landlords with an income above £10,000 to follow the MTD rules.
VAT - VAT registered businesses with a taxable turnover below £85,000 will need to comply to the new making tax digital rules.
Self assessment - Making tax digital for income tax will be introduced by 2024, this will require self-employed people and landlords with an income above £10,000 to follow the MTD rules.
Corporation tax - MTD for corporation tax is expected to be the next phase but won't come into effect until at least 2026.
All this means you will need to use HMRC recognised Making Tax Digital software to keep full digital records of your accounts and file VAT returns. VAT registered businesses will be required by law to maintain their digital records.
All this means you will need to use HMRC recognised Making Tax Digital software to keep full digital records of your accounts and file VAT returns. VAT registered businesses will be required by law to maintain their digital records.
Accounting software solutions
Strive Business Solutions are Sage, Xero & QuickBooks Partners and can offer you fantastic rates on the latest accounting softwares required for Making Tax Digital. If you'd like to talk about any of the available options or would like pricing you can contact us here!
We know that tax in itself can be a nightmare, never mind adding new processes and software requirements! The accounting team at Strive are on hand to help you every step of the way through Making Tax Digital, ensuring you are complaint on time.
Whether you would just like some advice, or you need help choosing and learning to use a software we can help. We have partnered with a range of accounting software providers to offer you the one that suits you best! We can offer demos of all software, and they all come with easy to use mobile apps that you can use on the move, so there's no need to worry about being stuck in front of a computer all day!
If you would like any help, advice, or would like to get set up ready for Making Tax Digital, you can call us on 0333 335 5137, email us at enquiries@strivebusinesssolutions.co.uk or pop by and see us face to face at our office at 41-43 Granby Street, Ilkeston, Derbyshire, DE7 8HP.
Whether you would just like some advice, or you need help choosing and learning to use a software we can help. We have partnered with a range of accounting software providers to offer you the one that suits you best! We can offer demos of all software, and they all come with easy to use mobile apps that you can use on the move, so there's no need to worry about being stuck in front of a computer all day!
If you would like any help, advice, or would like to get set up ready for Making Tax Digital, you can call us on 0333 335 5137, email us at enquiries@strivebusinesssolutions.co.uk or pop by and see us face to face at our office at 41-43 Granby Street, Ilkeston, Derbyshire, DE7 8HP.
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