Making Tax Digital (MTD)

DMC Partnership has been helping many businesses become MTD compliant since its introduction in April 2019.

Making Tax Digital forms part of HMRC’s plans to revolutionise the UK tax system. By keeping digital records and changing the way tax is reported they say it will be "easier for individuals and businesses to get their tax right and keep on top of their affairs.” At DMC we have seen how keeping digital records helps many clients spend less time doing paperwork enabling them to focus on what they really do best.

We are familiar with a range of cloud accounting software packages such as Xero, Sage, Kashflow, FreeAgent, and Quickbooks.

Login in to your accounting software below:

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From April 2019, VAT registered businesses and organisations with a taxable turnover above the VAT threshold of £85,000 have been required to keep digital records and use software to submit their VAT returns.

From April 2022, all VAT registered businesses and organisations, including those with a taxable turnover below the VAT threshold, will be required to follow the Making Tax Digital rules by keeping digital records and using software to submit their VAT returns.

If you would like us to take the stress out of complying with Making Tax Digital procedures, then please check out our Fully Comprehensive Accounts and Bookkeeping Packages

From April 2023, both self-employed businesses and landlords with annual income over £10,000, will be required to follow the rules for MTD for Income Tax. They will need to keep digital records and use software to submit their business income and expense updates every 3 months.

If you are unsure how Making Tax Digital for Income Tax will affect you or your business, then please get in touch and one of our team will be happy to help.

The government is reviewing the responses to its consultation on Making Tax Digital for Corporation Tax but we are told HMRC will not mandate its usage before 2026.

Contact us today for Making Tax Digital advice.