What is Making Tax Digital (MTD)?

Making Tax Digital (MTD) is an HMRC initiative that will revolutionise the UK tax system and ultimately bring an end to self-assessment. The primary aim of Making Tax Digital is to make tax administration more effective, efficient, and easier for taxpayers through the implementation of a fully digitalised tax system by 2020, whilst also reducing HMRC’s overheads for managing tax affairs. The changes apply to a wide range of taxpayers, including most businesses, self-employed professionals, and landlords. This ‘new and improved’ tax system will require the majority of business owners to maintain digital records using compatible software. You will require MTD compliant software in order to make MTD submissions to HMRC. You may want to complete your own bookkeeping or we can help you.  Take a look at our bookkeeping page for more info. We can even train you up on the bookkeeping software so that you can do your own bookkeeping.