Making Tax Digital – Tax in the digital age
Monday, 20 January 2020
Making Tax Digital for Business (MTDfB) is a key part in the Government’s plan to modernise the tax system – it’s the biggest change in tax administration in decades. It will affect every business in the UK, including those with rental income, and will change the way that businesses keep their accounting records, report profits and interact with HM Revenue & Customs (HMRC).
As we highlighted in our Making Tax Digital (MTD) bulletin released in September 2016, MTDfB will include:
- Digital tax accounts for all businesses.
- Businesses must keep their records digitally – you can still use spreadsheets but you must make sure that they are compliant with the requirements of MTDfB; software will be required to link spreadsheets through to the HMRC digital tax account.
- Businesses must update HMRC with their summary income and expenses at least quarterly, using software that complies with MTDfB.
- An end of period statement will be required within 10 months of the end of the accounting period to report the final figures, including any accounting adjustments.
Download our brochure to find out how we can help you and what you need to do to prepare for this change.