Making tax digital

All VAT registered businesses have to comply with Making Tax Digital for VAT from April 2022.

Making Tax Digital will also see both individuals and businesses for other taxes needing to comply

  • Self-employed businesses and landlords with annual business or property income above £10,000 from April 2024
  • Limited companies (those subject to Corporation Tax) will need to comply not before April 2026.

Making Tax Digital is one of the most ambitious HMRC projects that will lead to extra administration for both individuals and businesses.  We at Rawlinson Pryde & Partners will be able to guide you through the transition with minimal disruption.

To comply you will need to ensure that your bookkeeping records are kept in a digital format with the best way being a cloud based solution.  We are able to help you transition over or if you decide that you do not wish to learn how to bookkeep electronically we have bookkeepers who can take the stress out of this additional compliance.

 

Making Tax Digital Compliance Help

If you are looking for an accountant that will be proactive with Making Tax Digital rather than reactive we would be delighted to hear from you.

We can offer

  • MTD Solutions
  • Software training
  • Bookkeeping services

We first started informing our clients about MTD 10 months prior to the compulsory implication date. We have written to all of our clients who will be impacted by the change and invited them to a seminar to show a potential solution.

How to comply for MTD

There are various different software packages that can be used to comply with the Making Tax Digital requirements.  We at Rawlinson Pryde & Partners can best advise you, having previously discovered fundamental flaws in some packages.

We are able to offer both SAGE Business Cloud Accounting and Quickbooks Online at discounted prices from the Recommended Retail Price.  We would therefore encourage you to purchase your product via us to help keep your costs down.

There are benefits to using these software packages, as they enable us to access your data remotely at any time to assist you with issues that may arise.  It enables you to bookkeep on the go, potentially freeing up your time, and allows you to check up on how profitable you are to date.

To find out more about how we can assist you, please contact us.