The first step of HMRC’s Making Tax Digital began 1 April 2019 with their MTD for VAT. The long term aim is that all taxes as submitted digitally on a regular basis.
From 1 April 2022, all VAT registered business must submit their VAT returns through appropriate software.
HMRC will close the VAT submission portal on 1 November 2022, forcing all companies to be MTD for VAT compliant.
Over the longer term it is HMRC’s hope that one day the tax return as we know it will have been entirely abolished, and all individuals and businesses will be required to submit their tax returns digitally. This will create a move to a live tax system with more frequent payments on account.
Both individuals and businesses will have access to digital tax accounts, with the information HMRC needs automatically uploaded. HMRC believe that you should never have to tell them information they already have and therefore under and over payments should be reduced.
It is hoped that digital accounts will give you a single, personalised view of each person and businesses tax position across all liabilities and entitlements.
Many people already do that – but there will be an additional requirement in that, the software must be capable of sending information to HMRC every three months.
At NRB we have a team of over 40 dedicated partners and managers specifically qualified in the world of digital and online accounting.
We’re able to help you understand the requirements of Making Tax Digital, help you assess if your software is sufficient, assist to ensure a smooth transition period, and offering ongoing support as the legislation continues to evolve so you stay ahead of the curve.
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