MAKING TAX DIGITAL

Accurate, Automated, Accessible

WHAT IS MAKING TAX DIGITAL?

Making Tax Digital (MTD) is an initiative designed by HMRC to ensure that the UK tax system is easier and more efficient for taxpayers. Recording of tax will be more accurate, the process will be faster and more automated, and it will be easier for small businesses to record and file their tax returns online.

From 1st April 2019, vat registered businesses above the threshold of £85k will have to keep digital records and submit quarterly VAT returns using approved software, like Xero. We’ll keep you up to date with all you need to know.

THE MTD TIMELINE - BY XERO

START

Build

Build and test the new connection

JULY 2018

Making Tax Digital for VAT private beta

HMRC/Xero private beta commences

OCTOBER 2018

Making Tax Digital for VAT public beta

HMRC/Xero public beta commences

APRIL 2019

MakingTax Digital for VAT commences

VAT registered businesses earning above VAT threshold (£85k) are mandated to keep digital records and submit VAT returns using MTD-compatible software

2021

Corporation and Income Tax commences (at earliest)

Date and details TBC by HMRC. Sole traders, partnerships, landlords and trading companies will be mandated to keep digital records and submit quarterly updates for both income and corporation tax purposes

WHAT DOES THIS MEAN FOR MY BUSINESS?

We know this sounds scary and overwhelming – no one likes change. Don’t worry… we’ll help you every step of the way!

ALREADY ON XERO?

That’s great! Xero is an
accredited software provider
so you are MTD ready!

STILL USING MANUAL ENTRY?

We’ll help you make the move to Xero. We are Xero Gold partners so we’re able to set you up, train you and provide ongoing support with all your Xero queries.

WHAT’S SO GREAT ABOUT XERO?

This handy cloud-based software allows you to:

  • Access your numbers anytime and anywhere.
  • Integrate hundreds of business apps into Xero
  • Save time and money on the go
  • View your numbers in real time
  • Have data backed up automatically
  • Have more time for what you love

WANT TO KNOW MORE ABOUT MTD?

What’s the VAT Timetable for MTD?
06
Mar

What’s the VAT Timetable for MTD?

Read More
Making Tax Digital – Exempt Businesses
20
Feb

Making Tax Digital – Exempt Businesses

Read More
Making Tax Digital – Deferred businesses
06
Feb

Making Tax Digital – Deferred businesses

Read More

HOW CAN TEN FORWARD HELP?

Wherever you are in the process, we’ll help you ensure that you are MTD ready by the deadline. Contact us today to let us know what you need help with.