Businesses, investors and workers across the UK face a challenging time ahead, as the Government continues to implement its Making Tax Digital initiative.
This landmark change in the recording and reporting of tax will gradually see the major components of taxation taken online, using the latest HM Revenue & Customs-compliant software, apps and programs.
Taxpayers must be fully prepared for these changes, as they could face penalties if they do not comply in future.
Below are the key dates for Making Tax Digital to help you track your journey and ensure you are compliant with the changes ahead.
We know there is a lot to consider in the coming years, which is why our team have prepared a helpful guide, packed with information pertaining to the various stages of Making Tax Digital and what you may need to report.
Making Tax Digital: Time to act
While the various deadlines associated with MTD may seem some way off, the changes required to comply with this new tax system are complex and onerous.
Businesses and taxpayers may need to invest in new technology, such as cloud accounting software, and alter their method of recording and reporting accounts and tax information.
We have already supported a wide range of businesses with the early stages of Making Tax Digital and embracing technology to comply with HMRCs requirements.
As HMRC continues to push forward with its plans for digital taxation, we are poised and ready to provide sound advice and to help you to implement the necessary software, apps and procedures.
To arrange an initial Making Tax Digital consultation with one of our team, please contact us.