Making Tax Digital
Making Tax Digital is an important part of the government’s plan to make it easier for individuals and businesses to keep on top of their taxes.
Making Tax Digital is an important part of the government’s plan to make it easier for individuals and businesses to keep on top of their taxes. At SM Vint & Co, we can assist you with your digital accounting.
With many years of experience, we can help your business plan with confidence. Based in Banbridge, Northern Ireland, our professionals are always on hand to guide you.
At SM Vint & Co, we offer Making Tax Digital services throughout Banbridge. For more information, call 02840 662 490.
Also known as MTD, Making Tax Digital is now a requirement for all VAT-registered businesses. They now must use recognised software to keep their digital records and submit VAT to HMRC. The purpose of this is to make tax returns easier and more efficient.
By April 2024, self-employed businesses and landlords with annual business or property income above £10,000 will need to follow Making Tax Digital. For now, Making Tax Digital is only for VAT. It will not be mandated for Corporation Tax before April 2026.
If you do not comply will the rules and meet MTD deadlines, you may face a fine. From January 2023, HMRC will be moving to a points-based system. This means that penalties will only be given to those who make regular mistakes and miss deadlines.
SM Vint & Co can have a wealth of knowledge and experience.
There are many benefits to Making Tax Digital. It will mean that there will be fewer reporting errors as less time is spent on paperwork. If you dread the annual sorting of receipts, invoices and documents, then MTD will make things easier.
Furthermore, it is a reliable form of record-keeping. Alongside time savings, MTD provides accuracy. Digital bookkeeping is far easier than the traditional methods. You can keep track of everything just by logging in. Immediate access to your financial information means you can make informed business decisions and stop any nasty surprises.