Making Tax Digital for Business was introduced on 1st April 2019 for all VAT-registered businesses with a turnover above the current VAT threshold of £85,000. We can work with you to prepare for Making Tax Digital*. As small business owners ourselves, we fully understand what is required to manage your business records digitally. At PK Accounting Services, we’ve spent a great deal of time training and developing the right support services to help small businesses through this period of change.
Making Tax Digital is intended to help you better keep track of how much tax you owe – or how much you are due back – throughout the financial year.
- Accurate Tax Information
Replacing paper-based bookkeeping with digital tax accounts will let you check the information HMRC holds about you is 100% correct.
- Reduced Errors
Making Tax Digital’s new reporting function will allow HMRC will to look at your tax information almost immediately, reducing human error from data input.
- Easier to understand
HMRC anticipates taxpayers will better understand how much tax is owed within the digital tax account – much like online banking.
- Easier contact with HMRC
Making Tax Digital will make it easier for you to contact HMRC online via webchats and secure messages.
HMRC will not be offering software to help you report quarterly, so we will advise you about MTD-compliant software such as Sage, XERO to help make managing your accounting records easy, wherever you are.
For a free initial meeting to discuss all your MTD – Make Tax Digital Vat related needs, please drop us a line using our Online Quick Quote Form