{"id":1568,"date":"2024-10-04T13:05:14","date_gmt":"2024-10-04T12:05:14","guid":{"rendered":"https:\/\/accountants247glasgowsouth.co.uk\/?p=1568"},"modified":"2024-10-04T13:05:17","modified_gmt":"2024-10-04T12:05:17","slug":"whats-happening-with-making-tax-digital","status":"publish","type":"post","link":"https:\/\/accountants247glasgowsouth.co.uk\/?p=1568","title":{"rendered":"What&#8217;s happening with Making Tax Digital?"},"content":{"rendered":"\n<p>Keeping up to date with <a href=\"https:\/\/www.gov.uk\/government\/publications\/making-tax-digital\/overview-of-making-tax-digital\" target=\"_blank\" rel=\"noreferrer noopener\">HMRC\u2019s Making Tax Digital<\/a> initiative is important, whatever size business you run and however you currently record, submit and pay your business taxes.<\/p>\n\n\n\n<p>Let\u2019s take a quick look at the goals of Making Tax Digital (MTD), which requirements are currently mandatory and which elements are likely to change in the near future.<\/p>\n\n\n\n<p><strong>What is Making Tax Digital?<\/strong><\/p>\n\n\n\n<p>The aims of MTD are to modernise the UK tax system by requiring businesses and individuals to keep digital records and file their tax returns using compatible software.<\/p>\n\n\n\n<p><strong>Key goals of MTD are to:<\/strong><\/p>\n\n\n\n<p>Improve accuracy by pushing businesses, and some individuals, to use accounting software to keep accurate digital records \u2013 moving away from paper-based records.<\/p>\n\n\n\n<p>Increase efficiency by using digital filing and tax submissions to reduce the time and effort required for tax returns.Enhance compliance, by moving to quarterly returns that make it easier for HMRC to monitor tax compliance and identify potential fraud.<\/p>\n\n\n\n<p><strong>Which parts of MTD are currently mandatory?<\/strong><\/p>\n\n\n\n<p>MTD has been in the works for a number of years, with several delays and setbacks to the original agenda. Some elements of MTD are now in use, and others are likely to be introduced in the near future. Here\u2019s a breakdown of what\u2019s currently expected of your business.<\/p>\n\n\n\n<p><strong>Current elements of MTD for businesses:<\/strong><\/p>\n\n\n\n<p>MTD for VAT \u2013 under the <a href=\"https:\/\/www.gov.uk\/government\/collections\/making-tax-digital-for-vat\" target=\"_blank\" rel=\"noreferrer noopener\">MTD for VAT<\/a> rules, all VAT-registered businesses must keep digital records and file quarterly VAT returns using compatible software. This has been mandatory since April 2019.<\/p>\n\n\n\n<p><strong>Upcoming elements of MTD for businesses:<\/strong><\/p>\n\n\n\n<p>MTD for Income Tax Self Assessment \u2013 <a href=\"https:\/\/www.gov.uk\/government\/publications\/extension-of-making-tax-digital-for-income-tax-self-assessment-to-sole-traders-and-landlords\/making-tax-digital-for-income-tax-self-assessment-for-sole-traders-and-landlords\" target=\"_blank\" rel=\"noreferrer noopener\">MTD for ITSA<\/a> is currently being piloted. From April 2026, it will become mandatory for sole traders and landlords with annual income above the \u00a330,000 p\/a threshold. All qualifying individuals will need to keep digital records and submit quarterly updates.<\/p>\n\n\n\n<p>MTD for Corporation Tax \u2013 the government has announced plans to introduce MTD for Corporation Tax (CT), and <a href=\"https:\/\/assets.publishing.service.gov.uk\/media\/61a4f477d3bf7f05522e2e67\/Making_Tax_Digital_for_Corporation_Tax_consultation_-_summary_of_responses.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">held a consultation<\/a> on how MTD for CT might work. The exact timeline for introducing MTD for CT has not been confirmed, but, at present, it\u2019s unlikely to happen <a href=\"https:\/\/www.xero.com\/uk\/programme\/making-tax-digital\/corporation-tax\/\" target=\"_blank\" rel=\"noreferrer noopener\">before April 2026.<\/a><\/p>\n\n\n\n<p><strong><a href=\"https:\/\/accountants247glasgowsouth.co.uk\/?page_id=620\">Talk to us<\/a> in Glasgow about getting MTD compliant<\/strong><\/p>\n\n\n\n<p>If you\u2019re not yet registered for MTD for VAT and are worried about complying with the regulations, please do come and have a chat with our tax team.<\/p>\n\n\n\n<p>Setting up accounting software and digital recordkeeping tools can be extremely straightforward, making your bookkeeping and tax management far more effective<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Keeping up to date with HMRC\u2019s Making Tax Digital initiative is important, whatever size business you run and however you currently record, submit and pay your business taxes. Let\u2019s take a quick look at the goals of Making Tax Digital (MTD), which requirements are currently mandatory and which elements are likely to change in the [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":1569,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","jnews-multi-image_gallery":[],"jnews_single_post":{"format":"standard"},"jnews_primary_category":[],"footnotes":""},"categories":[72,50],"tags":[80,138,76,147,27],"class_list":["post-1568","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-making-tax-digital","category-tax","tag-accountancyservices","tag-accountants247-glasgow-south","tag-glasgow","tag-making-tax-digital","tag-tax"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>What&#039;s happening with Making Tax Digital? - Accountants247 Glasgow South<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/accountants247glasgowsouth.co.uk\/?p=1568\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What&#039;s happening with Making Tax Digital? - Accountants247 Glasgow South\" \/>\n<meta property=\"og:description\" content=\"Keeping up to date with HMRC\u2019s Making Tax Digital initiative is important, whatever size business you run and however you currently record, submit and pay your business taxes. 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