What you need to know
Under the new scheme, people will have online tax accounts that track their professional and business transactions automatically. These accounts will be submitted quarterly to HMRC to estimate the taxes due.
The online system is intended to be more transparent while removing some of the inaccuracies and inefficiencies that hinder paper tax filings.
This is not the same as lodging a return online. Most UK taxpayers have already done that for years. Making tax digital has three important distinctions:
1. Bank transactions and other financial information will flow automatically into people’s digital tax account, whether they declare that income or those expenses.
2. Submissions will need to be made at least once per quarter.
3. Submissions will need to be filed using some form of software (you’ll need to use an app that is integrated to your digital tax account).
We have you covered
At 360 we have been working hard to ensure that MTD is as painless as possible for you.
Our book-keeping packages are designed to with your business in mind, you concentrate on your profits and we concentrate on your books and records.
Using cloud based software Xero, Sage or QuickBooks, to support you we can offer:-
• Fully Managed book-keeping and MTD compliance
• A split service where we work together
• In house training on software for you to run your own system
All our offerings come with our unlimited telephone support for your peace of mind.