Making Tax Digital UK
What is Making Tax Digital?
Making Tax Digital (MTD) is a government initiative to improve tax administration. MTD is HMRC’s plan to digitise the tax system for VAT, Income Tax Self Assessment and Corporation Tax for both businesses and individuals. Its purpose is to make tax returns simpler and more efficient for everyone.
What are the benefits of Making Tax Digital?
Research from HMRC on MTD for VAT shows existing participants feel more confident about filing their returns since the rules were introduced.
Benefits of MTD include:
- Fewer reporting errors
- Less time spent on paperwork
- Reliable record-keeping
- Faster returns filing.
Along with time savings, one of the key benefits of Making Tax Digital is improved accuracy. Manual processes can be automated through software, so transactions are imported correctly, and errors are automatically identified. This means business owners can spend less time on paperwork and more time focusing on driving success.
Contact us for more information.
London: 020 7060 1811