What is Making Tax Digital?
Making Tax Digital (MTD) is the government’s programme to transform the tax system and move it fully online. The first changes were for VAT registered business above the £85,000 VAT threshold. These business must now use digital methods to store and submit their VAT information to HMRC. Further changes to MTD are expected in 2021 and beyond.
Even if you’re not VAT registered, or close to the VAT threshold, you should think about starting to use digital accountancy software (such as Crunch) to record your business transactions. Get a free consultation from one of our expert advisors to see how we can help your business comply will MTD.