Self-Employed or Business Owner? Visit our full range of Accountancy Services to support you & your business.
What is Making Tax Digital?
Making Tax Digital (MTD) is a government initiative aimed at establishing a fully digital tax system in the UK, requiring taxpayers to maintain digital records and use MTD-compatible software for electronic tax submissions.
When Does It Effect You?
What actions do you need to take?
To comply with Making Tax Digital legislation, you must use MTD-compatible software to maintain digital records and submit them electronically to HMRC.
What is Making Tax Digital for VAT?
Making Tax Digital (MTD) for VAT is a UK government initiative aimed at transforming the tax system to make it more effective, efficient, and easier for taxpayers to get their tax right. Under MTD for VAT, businesses with a taxable turnover above the VAT threshold are required to keep digital records and submit their VAT returns using compatible software. This initiative is part of a broader digital transformation strategy by HMRC to reduce errors and improve compliance, ensuring that businesses maintain accurate and up-to-date financial records.
MTD for VAT with LT Accounting
At LT Accounting, we provide seamless support for businesses navigating Making Tax Digital for VAT. Our team of ACA qualified accountants ensures that your business remains compliant with MTD requirements by leveraging advanced accounting software like Xero. We assist in setting up digital record-keeping systems, preparing and submitting VAT returns efficiently, and offering guidance tailored to your specific needs. With LT Accounting, you can focus on your core business activities while we handle the complexities of digital tax compliance, ensuring accuracy and peace of mind.
What is Making Tax Digital for Income Tax?
Making Tax Digital (MTD) for Income Tax is a UK government initiative designed to modernise the tax system by transitioning it to a digital platform. This scheme requires self-employed individuals and landlords with an annual income above a specific threshold to keep digital records and submit quarterly updates to HMRC using compatible software. The goal of MTD for Income Tax is to simplify the tax process, reduce errors, and provide taxpayers with a more accurate and timely overview of their tax liabilities throughout the year.
MTD for Income Tax with LT Accounting
LT Accounting is committed to guiding businesses and individuals through the transition to Making Tax Digital for Income Tax. Our expert team, equipped with ACA qualifications and extensive experience, ensures that you comply with MTD requirements seamlessly. We provide comprehensive support in setting up digital record-keeping systems, managing quarterly submissions, and offering personalised advice to optimise your tax position. With LT Accounting, you can confidently embrace the digital tax era, knowing that your income tax obligations are handled efficiently and accurately.
