Making Tax Digital
At SMH Chartered Accountants, our expert staff are on hand to assist with your accounting requirements to ensure you are fully compliant with Making Tax Digital (MTD). From 1 April 2019, Making Tax Digital begins to come in to force. Under the MTD rules most businesses will be required to digitally record tax-relevant data and to use MTD-compliant software to transfer the required information directly to HMRC’s systems via an application programming interface (API).
MTD for businesses is being introduced tax by tax, not by business size or type.
The MTD project covers taxes paid by individuals as well as by businesses. However, the implementation timetable is uncertain for many areas of tax. Parts of the MTD programme have been delayed as resources have been diverted away from HMRC to deal with Brexit.
We have produced two handy guides on how to prepare for Making Tax Digital, which you can access via the below links:
The Making Tax Digital Timetable