MAKING TAX DIGITAL (MTD)
Making Tax Digital (MTD) is a UK government initiative aimed at making the tax system more effective, more efficient, and easier for taxpayers to get their tax right. It requires individuals and businesses to maintain digital records and submit tax returns using MTD-compatible software.
Who Does MTD Apply To?
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VAT-registered businesses with a taxable turnover above the VAT threshold (£90,000 as of April 2024) are already required to follow MTD rules.
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Voluntarily registered businesses (those below the threshold) may also choose to sign up
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MTD for Income Tax Self-Assessment (ITSA) will apply to self-employed individuals and landlords earning over £50,000 from April 2026, and over £30,000 from April 2027
Minimising Risk, Maximising Corporate Governance
Key Requirements
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Maintain digital records of all business transactions
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Use MTD-compliant software to record and submit tax data
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Submit updates to HMRC every quarter, rather than once a year
How We Can Help
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Setting up and managing MTD-compliant software
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Maintaining accurate digital records
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Submitting quarterly returns to HMRC
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Providing ongoing tax support and guidance
We would love to talk about how we can help
Need expert accounting support? We’re here to assist! Get in touch to discuss your needs and find the right solutions for your business.
