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Making Tax Digital (MTD)

Making Tax Digital FAQs

Wondering what Making Tax Digital is and how it will impact your business? Here we answered the most frequently asked questions about MTD.

Making Tax Digital (MTD)

Making Tax Digital deadlines - key dates to know

Deadline applies to most VAT registered businesses although you don't currently have to comply if you voluntarily registered & are below the VAT...

Making Tax Digital (MTD)

Pros and cons of voluntary VAT registration

From April 2022, Making Tax Digital for VAT will apply to all VAT-registered businesses. Here we explain the pros and cons of voluntary VAT...

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Now supporting Making Tax Digital (MTD)!

Good news, Powered Now UK Field Service Management Software is fully MTD compliant, meaning that you can submit your quarterly VAT return via our...

Making Tax Digital (MTD)

What will be the problems with MTD?

The biggest problem with the MTD for VAT implementation is the short time in which this is expected to happen. There is a big chance that companies...

MTD

Are there any benefits from using MTD?

Although it’s easy to be cynical, there are likely to be benefits to businesses using the MTD platform, alongside of the pain of implementing a new...

Making Tax Digital (MTD)

When does MTD start?

MTD for VAT starts for the first VAT return that any business does for the first period starting on or after 1st April 2018.

MTD

How MTD works and how to comply with it

To comply with MTD a business or its agent (typically their accountant) must keep their records electronically. In other words, when a tax return of...

Making Tax Digital (MTD)

How to calculate MTD?

MTD for VAT returns are calculated exactly the same way as the current 9 Box return.

Making Tax Digital (MTD)

Who does MTD apply to?

MTD will eventually apply to all individuals that do tax returns as well as companies with sales of more than £10,000 per annum.

Making Tax Digital (MTD)

Why is MTD being introduced?

Different explanations have been given in different forums, however, the most likely driver for MTD is to recover more tax – the so called “Tax gap”....

Making Tax Digital (MTD)

What is MTD for VAT?

You may be wondering what MTD for VAT is and how it will affect your business. It is the process of bringing the tax system into the digital age.

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What is Making Tax Digital (MTD)?

Making Tax Digital (MTD) is the HMRC project designed to get all businesses and individuals to start keeping their accounting and tax records on a...

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