When it was announced back in 2015, the government’s plan for Making Tax Digital (MTD) was nothing less than revolutionary.
The chancellor at the time called it “the death of the annual tax return”.
MTD improves the efficiency and simplicity of tax by requiring digitalisation, both for record-keeping and for submission of tax returns. In other words, businesses are legally required to use software for their accounting.
MTD makes it easier for businesses to get taxes right. Individuals and businesses have a better idea of how much they’re likely to owe when the time comes.
In turn, this aids cash flow and makes it easier to both spot problems and take advantage of opportunities.
As its name suggests, The ultimate guide to Making Tax Digital aims to help businesses get to grips with the three main stages of Making Tax Digital:
- MTD for VAT, which was introduced in April 2019 but is expanded in April 2022 to all VAT businesses, including those that are voluntarily registered for VAT.
- MTD for Income Tax, which will be introduced in April 2023 and will affect millions of sole traders and landlords that currently use the Self Assessment system.
- MTD for Corporation Tax, which will be introduced no sooner than April 2026 and will mean millions of incorporated companies will have to follow the MTD rules.
If you own and operate a business as a sole trader, landlord or as a limited company, then one or more of the above will affect you.
Inside the pages of our free ebook, you’ll find guidance about what you need to know, including:
- The rules of MTD for VAT, Income Tax and Corporation Tax (as much as we know at the present time)
- Who is affected and when
- What you and your business can do to prepare ahead of time
- What software you need to ensure you’re MTD-ready
- How to sign up and what you’ll need in order to do so
- Working with an accountant to maximise MTD’s benefits
- A four-stage checklist that you can work through.
This unique guide will help you get ahead now and ensure you and your business thrive once you have to adhere to the new MTD rules.
Download the guide now. Your business will thank you.
Editor’s note: This article was first published in July 2018 and has been updated for relevance.
The ultimate guide to Making Tax Digital
Need help getting ready for Making Tax Digital? Download this free guide to learn about MTD for VAT, Income Tax and Corporation Tax, and what they mean for your business.