Are you ready for Making Tax Digital – MTD?

December 17, 2021 Off By Frauke

Are you ready for Making Tax Digital – MTD?

Making Tax Digital is a key part of the UK Government and HMRC’s ambition to become one of the most digitally advanced tax administrations in the work and make it easier for individuals and businessess to get their tax right as well as keep on top of thier financial affairs.

MTD is already mandatory for VAT registered businesses with a turnover above £85k, but from 1 April 2022 all VAT registered business will have to sign up for MTD.

The Making Tax Digital for Income Tax Self Assessment in being piloted, but it will soon everyone who would need to complete a tax return will also need to registered.

But what does this actually mean, as MTD is one of the largest and most significant changes to tax legislation for decades, with a major impact on accountants and their clients.

There are a range of challenges that come with MTD, which accountants can help clients to overcome, including:

  • All records must be kept digitally
  • Digital record keeping includes land and property income
  • Filing must be carried out every quarter, rather than once per year

All other income for an individual will be incorporated into the MTD submission process, including: pension relief contributions, dividends, bank interest, pensions received.

Golding & Associates are making it easy for anyone, even if you are not a client of ours to start to get ready for MTD, by making MTD compliant software available through the website:

Here you can try KashFlow Accounting Software with or without support from Golding & Associates, your Accountant or your Bookkeeper if you have one.

This is your opportunity to get a head start, get ready for MTD and keep you in control.

If you are a bookkeeper who wishes to try Kashflow Accounting Software contact Golding & Associates, and we can help you set it up so you can help your bookkeeping clients too.