Making Tax Digital (MTD) is one of the most revolutionary and transformational moves by the UK government to make it a lot simpler for businesses and individuals to get their tax right and keep on top of their affairs. With the introduction of the Making Tax Digital (MTD), the HMRC department aims to become one of the most tech-savvy tax administrations across the globe. MTD is designed to make basic changes in the way the tax system works – transforming tax administration so that it is:
- more effective
- more efficient
- easier for taxpayers to get their tax right
MTD will totally change the way in which all individuals and businesses report their financial details to the HMRC. With the MTD reform changing the way in which we all report our financial details, it’s time for all the businesses and individuals (earning above VAT threshold) to be stay prepared for it.
Every individual can now access their Personal Tax Account: You can now have access to your Personal Tax Account online at https://www.gov.uk/personal-tax-account. This Personal Tax Account gives you an up-to-date picture of your tax position in much the same way as online banking does for personal finances.
How Affinity Associates Can Help You Digitalise With MTD
Since April 2019, individuals and businesses with the turnover above the VAT threshold are asked to maintain their financial records digitally, and file their VAT returns to HMRC via Making Tax Digital ready software. Which means, instead of maintaining your financial records on paper, you have to use MTD compatible software. If you are unsure, whether your business needs to comply with MTD, then contact Affinity Associates for help.
If you are already maintaining your financial records in a software, then you need to make sure your accounting software is compatible to MTD or not. This is because, under MTD, some businesses and landlords are required to keep digital accounting records. Spreadsheets are also accepted as digital records for MTD purposes, but they will need to be uploaded to appropriate software. If you have any confusion about which accounting software to use, then the team of accountants can help you find an MTD compatible accounting software for your business needs.
If you are one of the highly occupied entrepreneurs or a business owner not having enough time to keep your business records manually or over the accounting software, then Affinity Associates can assist you with everything related to MTD and VAT return filing. We will provide bookkeeping services and make the quarterly returns on your behalf.
Contact Affinity Associates for Advice, Help and Support
If you have any have any questions or queries related to MTD or how to file VAT return under MTD, then we are available to assist you in ensuring your tax summary is correct and you’re not over – or underpaying – tax. We are London based accounting firm with more than 40 years of experience, and you can contact us via email at firstname.lastname@example.org or dial +44-020-8903-2077 for immediate assistance or a free consultation. You can also visit our official website to know more about our services at https://www.affinityassociates.com.