Hailed as one of the most revolutionary and rejuvenating taxation schemes, Making Tax Digital (MTD) is the UK government’s flagship initiative that requires online tax filing and payment, as well as digital record keeping. With the implementation of Making Tax Digital (MTD), the HMRC’s sole objective is to make it easier for individuals and businesses to get their tax right and keep on top of their affairs.
MTD is making important changes to the way the tax system works – transforming tax administration so that it is: more effective, more efficient and most importantly, easier for taxpayers to get their tax right. During first phase of MTD, if you are an individual or a business with taxable turnover above VAT threshold (£85,000), then you need to keep your VAT business records digitally and send VAT returns to HMRC through MTD-compatible software. Second phase of MTD will be digitalisation of Income Tax payable by Self-employed business or landlords. This will replace annual filing of Self-Assessment Tax return with quarterly filing of income and expense summary.
With MTD phased out for VAT already, will you consider your business ready to comply with the taxation reforms that are in place? If not, then Affinity Associates can help you and your business to adopt the digitalisation initiative and integrate it with your ongoing accounting processes.
Affinity Associates Can Help with Making Tax Digital
If you are a business owner with the turnover above the VAT threshold (£85,000), then you have to maintain your VAT business records digitally and send it to HMRC through Making Tax Digital-compatible software. With more than four decades of industry experience, we are well-versed with all the trends and reforms, which includes MTD as well.
At Affinity Associates, we can provide you dependable solutions to MTD. Being an established accounting practice in London, we understand your commitment towards your business and offer you a complete package to manage your records digitally observing all the tax laws by HMRC. This will allow you to not only keep you compliant with the current legislation, but will also help you to focus more on your business.
Despite the challenges posed by MTD; however, we strongly believe that there will be benefits accruing to your business by virtue of maintaining your records up to date and in good time. Although, it may seem as a problem at an individual level, At Affinity Associates, we see digitalisation as an opportunity for you to focus more on managing your business.
Need Help With Making Tax Digital (MTD)? We’ll Help
Many businesses and individuals have questions about Making Tax Digital for VAT, and if you are one of them, then we are here to answer all your questions in-depth. Our team of accountants have improved clarity on Making Tax Digital; we are in the position to solve all your queries.
To know more about Making Tax Digital and how our services can help you cope with this taxation reform by HMRC, please call us for a free consultation on +44-020-8903-2077 or Email at email@example.com