Making Tax Digital (“MTD”) is a new initiative from HMRC, aimed at making the UK’s tax system one of the most advanced digital tax administrations in the world.
Initially to be introduced from April 2019, MTD is designed to make it easier for both businesses and individuals to pay the right tax – and to gain better visibility of what you owe throughout the year.
It means that whether you are a one-man band or a corporate giant, your business will soon be required to maintain digital records and submit your information to HMRC using compatible online software such as Xero. So, if you’re still recording your accounts on paper or spreadsheets, or even on desktop-based accounting software, things are going to have to change.
We’re here to help provide a seamless switchover to the digital age. As the leading Xero accountants in Milton Keynes a Xero Partner we like to think you’re in pretty good hands.