You may already be aware of the new Government Tax System called “Making Tax Digital” that is being introduced from April 2019.
If you are, then you may have some un-answered questions, which we will aim to help answer for you.
If this is the first time you have heard about Making Tax Digital, then the new Tax system will affect how you currently submit information such as your VAT return, Self-Assessment Tax Return (SATR) and National Insurance Contributions (NIC) to HMRC.
What Is Making Tax Digital?
Making Tax Digital or MTD is a new digital Tax system that is being implemented by HMRC which will change the way Tax, VAT and NI contributions are submitted from April 2019.
What’s Going to Change?
Individuals and businesses who submit Tax, VAT or NIC information to HMRC will be required to do this using digital methods. There are a variety of digital methods that will comply with MTD, however it simply means using IT compatible software.
Will Making Tax Digital Affect Me?
The new digital tax system could potentially apply to every person and business in the UK who require to submit information to HMRC (including but not limited to VAT returns, profit from business and income from varying sources [e.g. dividends, rent, interest, etc].
This means that any effect  MTD will have and how quickly it could apply to you will be dependant on your own personal and/or business circumstances.
What Next?
We will make contact with you to confirm what software (and version) you currently have.
We will then help you to devise a plan going forward, and work out what your Making Tax Digital implementation date will be.
Find Out More
To find out more about Making Tax Digital speak to a member of the MTD team.
t. 01634 840440
e. This email address is being protected from spambots. You need JavaScript enabled to view it.