Making Tax Digital – MTD

Digital Filing

We live in an ever changing world of business these days and business owners have so much more responsibility than they did 10, 15, 30 years ago. With all the technology advances we now have, brings us more vital changes to the way we do business/tax.

HMRC are bringing the UK to the forefront of the world as they revolutionise our tax system and bring tax to the digital world. Now, there are already a large number of businesses who are already doing their bookkeeping, VAT, Payroll and self assessments in some form of digital format.

J. A. Neale has already been working with clients for years now using cloud accounting packages and digitalising clients accounts. It’s just the way everything is going these days I’m sure you’d agree? But more often than not, we get introduced to new ways of doing things and it change in many instances brings with it some level of fear of the unknown. So this page is really here to help you understand where you fit in with Making Tax Digital – MTD. Now we have only included some questions we know you may be asking, therefore we really hope that this information will be helpful to you in planning ahead for the digital transformations to come, not just in April but over the coming years too. VAT is just the start for us to move our taxes to the digital world.

Questions about MTD

What is “Making Tax Digital”?

What is the timeline for Making Tax Digital?

Will it affect Me?

What do I have to do?

What is a Digital Account?

What about ‘Digital Record Keeping’?

What is a ‘digital’ record?

What is a “digital” link?

What is MTD Ready Software?

We use Excel not Digital Software. How does this affect my business?

What do I have to do if my bookkeeper or accountant files my VAT return?

MTD – What records do I need to keep?

Will HMRC continue to provide a VAT solution for MTD?

Does the software used to digitally send the VAT return have to be HMRC approved?