Making Tax Digital (MTD)

From April 2024, MTD will also make it easier for taxpayers to submit their tax returns on time and ensure they are paying the correct amount of tax. In addition, HMRC will also have access to more up-to-date tax information which will help them to identify errors or discrepancies more quickly and efficiently.

Making Tax Digital for Income Tax Self-Assessment is an HMRC initiative that requires individuals to keep digital records of their income and expenditure and to update HMRC at least quarterly. It is a requirement for all businesses and individuals who have a turnover above £85,000 and is being progressively rolled out to all businesses and individuals with a turnover above £10,000. HMRC has produced guidance to help businesses and individuals understand their obligations and how to comply with them.

Appointing an MJB Avanti accountant can help make the transition to Making Tax Digital (MTD) smoother by helping you understand the changes to the UK’s tax system. We can provide advice and guidance on how to comply with the new regulations and how to use the MTD software. We can also help you use MTD to calculate your tax liabilities, submit your returns and make payments. Finally, we can help review and analyse the data to ensure accuracy and compliance.