What’s the connection between Easter and MTD for Business?
Nor is it anything to do with ‘Month To Date’ or ‘Match of the Day’.
And the free gift doesn’t involve chocolate.
But it is worth knowing that MTD stands for Making Tax Digital, and it’s the biggest change to the UK tax system for a generation.
It’s part of the government’s plans to make it easier for individuals and businesses to get their tax right first time and keep on top of their affairs – meaning the end of the annual tax return as we know it.
Moreover, its new guidelines will affect you…
The introduction of Making Tax Digital (MTD) will fundamentally change the way businesses, the self-employed and landlords interact with HMRC.
We’re moving towards a fully-automated digital tax system and it’s starting now.
By 2020, the vast majority of businesses will be required to monitor their tax affairs digitally and update HMRC at least quarterly via their digital tax account.
More specifically, businesses and landlords will be required to use commercial accounting software to maintain their records and submit their updates.
Here are the timelines:
From April 2018: Sole traders/self-employed, partnerships and landlords with
income above £85,000.
From April 2019: Sole traders/self-employed, partnerships and landlords with
income above £10,000.
From April 2019: Quarterly VAT reporting to commence (instead of traditional VAT returns).
From April 2020: Quarterly corporation tax reporting for companies.
Want to know more? Here’s a copy of our MTD brochure.
For more information on the new guidelines, check out our Chapman Worth Making Tax Digital brochure here:
And your free gift?
If you’re a business client and don’t yet keep electronic records, get in touch before the end of April for your no-obligation MTD review!
Will you be ready in time for Making Tax Digital?
Need more help knowing what software you’ll need and how the new legislation will affect you?
Want to claim your free gift so that you can just sit back and relax?
Then get in touch with either our Wantage or Witney office before the end of April, and we’ll arrange a free review and consultancy appointment to take you through everything.
We may even have some chocolate left over.