Complying with government expectations.
The UK Government has a scheme to get businesses to keep digital records, file digital returns, and report in real-time: Making Tax Digital (MTD).
The scheme has had many phases, with rolling deadlines, which means businesses are under pressure to change the way they work – embracing new systems quickly – or risk compliance breaches.
It can be a lot to get your head around when you’re trying to handle the day job, too. That’s where our team comes in.
We can look at where you are today, what you’ll need to get ready now, and what your longer-term plan should look like. We can also help you get set up with MTD-compliant accounting software and offer your team training, to make sure you’re set up and running as quickly as possible.
Under MTD, everything will need to be digital from end to end. That means you can’t copy and paste things from a spreadsheet or type things in manually – it will all have to be part of a digital process. MTD for VAT is being rolled out first, followed by MTD for income-tax self-assessment (ITSA), and finally corporation tax.
We’re of the opinion that MTD is a real opportunity for businesses, rather than a threat. If you take action now, you’ll be able to work more efficiently – saving time in the long run, while staying compliant.