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Making Tax Digital

The government’s making tax digital (MTD) initiative was introduced in 2019 for VAT registered businesses with a taxable threshold of £85,000.

It is designed to improve tax administration, with businesses using compatible, HMRC-recognised software for digital records and electronic filing of tax returns. All VAT registered business, regardless of their taxable turnover have had to comply with MTD since April 2022.

MTD for self assessment taxpayers, sole traders and landlords who make more than £10k per annum from rents, will now come into effect from April 2024 – rather than the initial planned date of April 2023 – however, businesses in this category may voluntarily register sooner. HMRC’s aim is for all tax administration to become paperless.

MTD is designed to ensure that quarterly reporting is not as labour-intensive as annual reporting. Our cloud-based accounting platform allows Hall Morrice to help you to update your books as you go along, uploading documents into the online portal so there is an electronic record of all transactions.

MTD requires an ongoing focus to make sure that all records are kept up-to-date. The specialists at Hall Morrice have comprehensive experience of all aspects of MTD, whether that be verifying compliance of the new reporting procedures, or processing all documentation that is required to be filed.