Helping you become Making Tax Digital compliant
What is making tax digital?
Making Tax Digital for Income Tax (MTD) is a new way for sole traders and landlords to report their income and expenses to HMRC. Individuals who fall into the scope will have to use MTD compliant software to;
Create, store and correct digital records of your self-employment and property income and expenses
Send your quarterly updates to HMRC
Submit your tax return by 31st January the following year
We have been here before!
In 2019 Making Tax Digital was introduced for VAT registered businesses, since then we have helped all our clients to become compliant.
Who is affected by the changes?
If you have qualifying income above £50,000 per year it is likely that you will be affected by MTD
However if you are unsure, please either get in touch with us or take a look at the following guidance from HMRC
How we help businesses with making MTD
We begin by assessing if you will be affected by Making Tax Digital
If you pass the qualifying income threshold we will put systems in place to help maintain your compliance
On an ongoing basis we will file quarterly returns along with your annual tax return