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Making Tax Digital

Tax is changing for small business

Having consulted with HMRC on Making Tax Digital, Cloud Accounting is committed to supporting small businesses through the transition.

There are penalties for non compliance, late filing and/or payment as well as inaccurate returns. The sooner you speak to your accountant (or us!) the better.

Making Tax Digital, MTD

What is Making Tax Digital?

Making Tax Digital (MTD) is part of the government’s plan to make it easier for businesses to stay on top of their day-to-day accounts. HMRC wants to be one of the most digitally advanced tax administrations in the world – improving efficiency, effectiveness and ease of compliance. The plans signal the end of paper accounting for millions across Britain.

From April 2019, legislation will require businesses above the VAT threshold to set up a digital tax account and file quarterly returns online. Preparation starts now, with businesses and accountants moving online to improve efficiency, boost profitability and make the transition painless.

More transparent

making tax digital hmrc

Communications with HMRC will become automated, making it crucial to maintain up-to-date accounts.

More accurate

accurate quarterly tax summaries to HMRC

Tax summaries will need to be submitted at least quarterly through software – giving HMRC an accurate view of accounts.

More digital

digital vat returns

Businesses over the VAT threshold will need to use software to submit their tax returns as soon as April 2019.

When does it all happen?

Find out what HMRC’s new timeline means for you

making tax digital timeline

MTD - CLICK HERE TO GET STARTED

Locations

BELFAST ADDRESS
Catalyst Inc,
Titanic Quarter
Belfast
BT3 9DT


LONDON ADDRESS
New Broad Street House
35 New Broad Street
London EC2M 1NH
+44 207 971 1002