Making Tax Digital
At SMH Accounting & Business Advisory, our expert staff are on hand to assist with your accounting requirements to ensure you are fully compliant with Making Tax Digital.
What is Making Tax Digital?
Making Tax Digital (MTD) is a government initiative introduced by HMRC to modernise the tax system. It requires businesses and individuals to maintain digital records and use MTD-compliant software to submit tax returns directly to HMRC via an application programming interface (API).
Since April 2022, all VAT-registered businesses, regardless of turnover, must comply with MTD for VAT.
The phased rollout for Income Tax Self Assessment (ITSA) is as follows:
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From April 2026: MTD will be mandatory for individuals with income over £50,000 from self-employment or property.
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From April 2027: MTD will apply to those earning over £30,000.
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From April 2028: MTD will extend to individuals earning between £20,000 and £30,000. This update brings approximately 900,000 more taxpayers into the MTD system, earlier than initially expected.
How can we help with Making Tax Digital?
Our team of experienced accountants provides a range of services to help you comply with HMRC’s digital tax requirements, including:
- MTD compliance review: We review your current accounting system and procedures to ensure that you are compliant with HMRC’s digital tax requirements.
- MTD training: We provide training to help you and your staff understand MTD requirements and how to use compatible accounting software to maintain digital records and submit tax filings electronically.
- MTD software setup: We help you select and set up compatible accounting software that meets MTD requirements and integrates with your business processes.
- MTD support: We provide ongoing support to help you manage your MTD requirements, including troubleshooting, software updates, and advice on best practices.
Why choose our Making Tax Digital Services?
Our team of experienced accountants has the expertise to help you comply with HMRC’s digital tax requirements and streamline your tax processes. We understand the importance of timely and accurate tax filings, and we work with you to ensure that your tax affairs are managed efficiently and effectively. By choosing our Making Tax Digital Services, you can be confident that you have the support you need to comply with MTD requirements and avoid penalties and fines.
Contact the SMH Accounting & Business Advisory team on info@smh.group or 0114 266 4432 to learn more about Making Tax Digital and how we can help you.
