HMRC are introducing their new Making Tax Digital (MTD) tax system beginning in April 2018 for some taxpayers.
MTD will require taxpayers to submit their income and expenditure on a quarterly basis via the HMRC online portal using third party software, then send a final adjustment annually. This is a major change to the existing annual tax return system, and it will affect most businesses and property landlords whose turnover exceeds £10,000 per year. There will be penalties for failing to register when you are required to, and for not sending your information on time.
MTD will affect:
• Sole traders and partnerships
• Limited liability companies
• Let property landlords
Our systems will handle the new MTD requirements and we are working with our clients to ensure that they are able to meet their obligations insofar as record keeping and provision of information to HMRC are concerned.
So, if you are in business or are considering starting a business now, we can help you understand how MTD will affect you, and provide bookkeeping
systems and support at the right level for you.
When linked with our other services you will get all of the tax, accounting, advice and support your business needs to thrive and grow.
To learn more about MTD, and to find out about how we can make the process less stressful for you, just get in touch
with one of our friendly and professional team.