Making Tax Digital (MTD)

What is Making Tax Digital?

• Making Tax Digital is intended to bring the UK Tax System into the 21st Century by providing businesses with a modern, streamlined system to keep their tax records and provide information to HMRC.  
• Businesses first to be affected will be those with a turnover above the VAT threshold of £85,000 who will be required to keep digital records for VAT purposes from April 2019.

Here at Kinetix Consulting we have everything ready for the MTD, with the latest Accountancy Software, keeping you within the regulations for Making Tax Digital.

Why is HMRC introducing it?

• Making Tax Digital is intended to help you keep a better track of how much tax you owe or how much you are due back throughout the financial year.
• Replacing 'paper' bookkeeping with digital tax accounts will allow you to check that the information the HMRC hold for you are 100% correct.
• HMRC will also be able to look at your tax information almost immediately, reducing errors.
• HMRC hope that taxpayers will have a better understanding of how much tax is owed.

Again, this does not need to be mind boggling for you at all, in fact you don't even need to consider MTD as we do that for you, leaving you to concentrate on running your business, or simply putting your feet up after a long day and forgetting about it all.