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Making Tax Digital (MTD) is part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their tax affairs.
It means the end of annual tax returns, with individuals and businesses instead having to submit tax information to HMRC quarterly.
This requirement for quarterly tax submissions comes into effect for VAT registered companies in April 2019, and anyone else falling into the categories by 2020, so there is still time to get your accounts in order and put into place processes for ensuring that your records are kept up-to-date and ready to submit every quarter in line with the new requirements.
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For more information please visit the Making Tax Digital section of the gov.uk website for the up-to-date details. Want to know how the new regulations will affect your business? Get in touch to discuss your current accounting practices and what steps you might need to put in place to make sure you meet the new requirements when they come into force.