Making Tax Digital
Making Tax Digital for Business (MTDfB)
What does it mean for you?
The government has announced a new requirement for businesses and private landlords to report their tax liabilities on a quarterly basis. This initiative is known as Making Tax Digital for Business (MTDfB).
This new way of working will affect many businesses as they will need to meet the digital records requirements.
At the moment, businesses keep their accounting records in a variety of ways, from paper records, spreadsheets or accounting software. These records are then used to prepare a tax return for the business at a later date. Under MTDfB, businesses will be required to:
- maintain their records digitally, through software or apps
- report summary information to HMRC quarterly through their ‘digital tax accounts’ (DTAs)
- make an ‘End of Year’ declaration through their DTAs.
DTAs are like on-line bank accounts – secure areas where a business can see all of their tax details in one place and interact with HMRC digitally.
To find out how this will affect you and your business click on one of the most appropriate links below:-
Making Tax Digital for Landlords
Making Tax Digital for Partners and Partnerships
Making Tax Digital for the Self-employed
At Wright Vigar we are ready to help you with these changes. We have a dedicated team of accountants and advisors on hand to help you understand and embrace the benefits of Making Tax Digital, and get to know a little more about the time-saving solutions that new technology has to offer.
If you would like to hear more about Making Tax Digital, and how Wright Vigar’s team of experts can help you, please contact a member of the MTD team at your local office, call 01522 531341, or email firstname.lastname@example.org – we would be delighted to discuss these changes in more detail, and explain how they will affect you.
To download a copy of our Making Tax Digital / Cloud Solutions brochure click here
To read a summary of the consultation responses as prepared by HMRC please click here