Making Tax Digital

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What is
Making Tax Digital?

Making Tax Digital (MTD) is the term used for HMRC’s initiative that requires all VAT registered businesses to prepare and submit their VAT returns using applicable accounts software. There are some exemptions available but the vast majority of VAT registered businesses will now need to be using accounting software as opposed to other methods in the past such as manual or spreadsheet records.

HMRC is widely expected to implement this initiative for other taxes, namely Corporation Tax and Income Tax, at some point in the near future but there are currently no firm plans in place that have been published by them as to when this will occur.

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