Business Owners: Get Ready for Making Tax Digital
What is Making Tax Digital?
Making Tax Digital (MTD) will require individuals and business owners to complete quarterly tax returns via a digitally HMRC approved platform.
This means that there will be a requirement to keep records accurately throughout the year as well as submit tax returns to HMRC quarterly. If you are not already keeping records digitally, now is the time to get organised before MTD becomes compulsory for all VAT registered businesses from April 2022 and those submitting self assessment tax returns from April 2023.
Are you keeping digital records?
Whether you are a new business owner or an individual who may need to submit tax returns to declare income, now is a good time to get organised and plan for MTD.
Moving to digital records does not need to be a daunting process if you adopt cloud accounting software, such as Quickbooks Online.
Although cloud accounting software is an accounting tool, the software allows for you to familiarise yourself with your numbers on a real time basis, and with a help from an accountant or tax adviser, gain insights and peace of mind that you are developing your business in the direction you want to go.
So moving to digital records is a benefit not only from compulsory HMRC reporting perspective, there is a real and tangible benefit of doing so to work strategically on your business and plan for future goals.
Mirandus are MTD ready accountants
Mirandus are a digital practice partnering with individuals and small business owners to bring accounting finance administration efficiency, keeping you working compliantly, so you can focus on what you do best - developing your business.
Mirandus Accountants are chartered accountants and chartered tax advisers supporting English and Scottish business owners with proactive communication and tax expertise our value add to you.
Contact us for a complimentary coffee or virtual chat, we can help answer your questions and give you the confidence and support to love your business numbers.
