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OUR MAKING TAX DIGITAL SERVICES IN BUCKINGHAMSHIRE

Making Tax Digital

HMRC’s Making Tax Digital (MTD) plans will most likely lead to challenges for businesses, landlords and individuals alike, and the Sterling Grove Accountants team of specialist tax and accounting experts are ready to assist.

What is Making Tax Digital (MTD)?

MTD is changing the way in which all individuals and businesses report their financial details to HMRC.

Forming part of the government’s ambition to become one of the most digitally advanced tax authorities in the world, Making Tax Digital is the first phase of HMRC’s move towards a modern, digital tax service fit for the 21st century.

Businesses are required to use compatible, HMRC-recognised MTD software to keep digital records and file VAT returns and our team are on-hand to provide a smooth transition to using these services.

Making Tax Digital Timeline

All VAT registered businesses will need to follow MTD rules for VAT return periods starting on or after 1st April 2022.

From April 2023, Making Tax Digital for Income Tax Self-Assessment (ITSA) will apply to unincorporated businesses and landlords with a total business or property income above £10,000 per year.

Under MTD for ITSA, businesses and landlords will be required to submit quarterly updates to HMRC, as well as an annual End Of Period Statement and final declaration.

General partnerships will fall into MTD for ITSA from April 2025, with a date for other types of partnerships such as LLPs not yet confirmed. 

It is expected that MTD for Corporation Tax will be introduced in 2026.

 

The Sterling MTD Service

We can help to:

  • Recommend and assist implementation of MTD software
  • Identify tax planning opportunities  
  • Monitor performance and adjust plans accordingly
  • Achieve your business goals

If you’re VAT-registered you’ll soon need to use Making Tax Digital software to keep digital records and make VAT submissions to HMRC. Now is the time to get ahead.

HMRC will not be offering software to help you to report your records, so our team will advise you about the most efficient MTD-compliant software to help make managing your accounting records easy, wherever you are. 

Contact us today to arrange a free consultation.

 

We believe in the

The Sterling Equation

“The Sterling contrast between being different and being better”

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