Making Tax Digital
Clayton & Brewill can help you navigate your way through the new Making Tax Digital requirements.
What is Making Tax Digital?
Making Tax Digital is HMRC’s ongoing efforts to modernise and simplify the tax system, by moving to a digital system. All taxpayers will have access to a secure digital tax account, which will allow them to interact more easily with HMRC. You can register, file, pay and update your information at any time of the day or night, and at any point in the year, to suit you.
Once the initiative is fully operational, the vast majority will no longer need to submit the dreaded annual tax return.
How can Clayton & Brewill help?
We can recommend digital accounting systems that comply with Making Tax Digital and help you get set up. You then either, maintain the records yourself – with support from us for reporting purposes, or we can maintain your records on an ongoing basis.
If you already use a digital accounting system, we can help you to check that it complies with HMRC’s requirements.
Digital reporting is likely to become a requirement for the majority of businesses in the next few years and the sooner you get your records in order, the sooner you’ll be better placed to handle any changes.
To find out more about Making Tax Digital and how we can help ensure you’re prepared, please contact a member of our friendly team.
How can we help?
Making Tax Digital (MTD) has already impacted VAT, with income tax and corporation tax due to follow in the coming years. There are significant implications
April 2022 sees the final phase of Making Tax Digital (MTD) for VAT, but that’s just the tip of the iceberg. MTD for income tax