Making Tax Digital

Making Tax Digital

What is Making Tax Digital?

Making Tax Digital (MTD) is a government programme which intends to move the UK towards a fully digital tax system and improve tax administration. Making Tax Digital is intended to make it easier for businesses and individuals to get their tax correct and to be in control of their affairs.

Making Tax Digital Implementation Dates

Accountants Glasgow

Since April 2019, businesses which have a taxable turnover over £85,000 have been required to adhere to Making Tax Digital.

Since April 2022, all VAT-registered businesses are required to file digitally through Making Tax Digital regardless of their turnover.

From 6 April 2024, self-employed businesses and landlords which have annual business or property income above £10,000 will be required to adhere to the rules for Making Tax Digital for Income Tax.

The government will offer businesses the chance to participate in a pilot for Making Tax Digital for Corporation Tax but this will not be a requirement until at least 2026.

Why is HMRC implementing Making Tax Digital?

HMRC is implementing Making Tax Digital to try to:

  • Eliminate common errors and reduce the amount of tax lost due to these errors

  • Make the tax administration more effective and efficient

  • Make it easier for taxpayers to get their tax right

How can Traynor Accounting help with Making Tax Digital?

Glasgow Accountant

Traynor Accounting Cumbernauld and Glasgow can provide a full service for Making Tax Digital for VAT for small and medium sized business throughout Scotland and the UK.

Traynor Accounting can also help you prepare for further Making Tax Digital requirements.

Glasgow Accountant
Glasgow Accountant

To find out more about our Making Tax Digital Services call us on 01236 222668 or 0141 280 8941 for your free accountant consultation (no obligation!)