Business Blog

As we’ve explored in our previous blog posts, it is clear that Making Tax Digital is going to dramatically change the way that tax is reported in the UK. However, it’s not just the way that businesses and individuals will report their tax that is changing, but also what information HMRC requires. We thought we’d take a look at what will change for businesses and individuals in the scheme.

As we’ve mentioned previously, one of the key components in a successful Making Tax Digital transition will be the type of software programme that you choose for your business. While simply thinking about the move from saving key information and accounts in a physical location to saving it somewhere ‘in the ether’ can feel daunting, the fact is that we are living in an increasingly digitised world and making the move to digital will not just help your business prepare for Making Tax Digital but also help its processes become more streamlined.

So far in our Making Tax Digital blog series we’ve provided an overview of the scheme, considered its differing impact on businesses and individuals and looked at points specific to VAT registered businesses (the first group to file digitally from April 2019). However, sometimes it’s good to take a more pragmatic look at what needs to be done, so we wanted to use this post to offer some practical advice.

The first two blogs in our Making Tax Digital series provided first an overview of the scheme and secondly a look at the differing impact of MTD on businesses and individuals. We suggested areas to look at and tips to get started for businesses in general, but there is one group that requires a post specific to them, those businesses and individuals that are registered to pay VAT.

Our last blog post provided an overview of the flagship Making Tax Digital scheme, which aims to place the majority of UK taxpayers onto a digital only tax reporting platform. With less than a year now until VAT registered businesses will be required to file in this manner, we’ll be spending the next few months looking into the details of Making Tax Digital and any issues that could arise for both businesses and individuals.

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