HMRC’s Making Tax Digital (MTD) plans will ultimately create challenges for businesses, individuals and landlords alike, and our specialist tax and accounting experts are ready to assist

Emma Chesson

ACCA

Head of Online Services

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MTD is set to change the way in which all individuals and businesses report their financial details to the HMRC, with mandatory digital record keeping being phased in from April 2019.

With the MTD reform set to change the way in which we all report our financial details, we have broken down how we can assist businesses and individuals below.

What is Making Tax Digital (MTD) and how will it impact your business?


How we can help

Making Tax Digital and business

  • From April 2019 businesses and landlords with turnover above the VAT threshold will be required to keep accounting records digitally, and file their VAT returns to HMRC through MTD software. If you are unsure if your business will need to comply by April 2019 we can advise you.

  • Are you currently using accounting software? Under MTD, businesses and landlords will be required to keep digital accounting records. Our Online Accounting team can assist you in ensuring that your existing software is MTD compatible and advise you on the most appropriate online applications, for your business needs.

  • Spreadsheets are accepted as digital records for MTD purposes but they will need to be uploaded to appropriate software.

You may wish to consider adopting accounting software instead but if you continue to use spreadsheets we can upload the data using our MTD software and report your results quarterly, to HMRC.

  • If your business records are kept manually and you do not wish to move over to accounting software, we would be happy to assist you with Excel training or, if easier, provide bookkeeping services and make the quarterly returns on your behalf.

  • Could you be digitally excluded from MTD? If you are unable to engage digitally due to either religious grounds, disability, age or remoteness of location you may be exempt from MTD. We can assist you in your claim for exemption from MTD.

Making Tax Digital and individuals

All individuals can now access their Personal Tax Account (PTA) online at https://www.gov.uk/personal-tax-account. The account gives individuals an up to date picture of their tax position in much the same way as online banking does for personal finances.

  • Have you accessed your PTA and checked the details? Mistakes can happen, so as with banking transactions it is advisable to check the figures. We are available to assist you in ensuring your tax summary is correct and you’re not over - or underpaying - tax. Agents do not currently have access to the PTA data for clients but this facility will be available to us over the coming months.
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