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Making Tax Digital
Making Tax Digital (MTD) is the most fundamental change to the administration of the tax system for at least 20 years.
The essential elements for business and landlords are:
- Paper records will no longer be sufficient: it will become mandatory for almost all businesses and landlords (self-employed, partnerships and limited companies) to use software or a spreadsheet to keep accounting records. Paper accounting records will cease to meet the requirements of the tax law.
- Quarterly reporting: There will be a requirement to submit updates to HMRC each quarter directly from accounting software, within one month of the end of each quarter. As your accountants we will support you through these changes and provide the ongoing services you need. However, the changes are so fundamental that it will be necessary to review your current record keeping systems and to reconsider what work you decide to do yourself and which activities you wish to include in the service we provide.
Most information on MTD can be found on the HMRC website and the ICAEW website see the links below.
https://www.gov.uk/government/publications/making-tax-digital
https://www.icaew.com/technical/tax/making-tax-digital
Next Step:
Please contact us if you need further advice, have any questions about our services, would like a free consultation or a fixed fee quote. Please note that if it is audit regulated work then we will refer you to WJJ Services Limited who now perform our audit regulated work. WJJ Services Limited is registered by the ICAEW to carry on audit work. The audit registration number is C011004180 and the company registration number 12267520. WJ James & Co will be able to help with all other queries though .
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