OUR MAKING TAX DIGITAL SERVICES IN BUCKINGHAMSHIRE
Making Tax Digital
HMRC’s Making Tax Digital (MTD) plans will most likely lead to challenges for businesses, landlords and individuals alike, and the Sterling Grove Accountants team of specialist tax and accounting experts are ready to assist.
What is Making Tax Digital (MTD)?
Making Tax Digital is a key part of the government’s Tax Administration Strategy and is the first phase of HMRC’s move towards a modern, digital tax service fit for the 21st century. It will help reduce the tax gap by requiring businesses and individuals to:
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keep digital records
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use software that works with Making Tax Digital
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submit updates every quarter, bringing the tax system closer to real-time.
Making Tax Digital Timeline
- Starting in April 2022, Making Tax Digital for VAT became mandatory for all relevant businesses.
- Starting in April 2026, MTD for income tax will be mandatory for self-employed individuals earning over £50,000.
- Starting in April 2027, MTD for ITSA will be mandatory for sole traders and landlords earning £30,000 to £50,000.
- An official start date for MTD for Corporation Tax has not yet been announced, but the earliest date is 2026.
Businesses are required to use compatible, HMRC-recognised MTD software to keep digital records and file VAT returns and our team are on-hand to provide a smooth transition to using these services.
The Sterling MTD Service
We can help to:
- Recommend and assist implementation of MTD software
- Identify tax planning opportunities
- Monitor performance and adjust plans accordingly
- Achieve your business goals
The Benefits of Making Tax Digital
Making Tax Digital supports HMRC’s plans to digitalise the tax system. It will:
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make it easier for individuals and businesses to get their tax right
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mean customers can integrate tax management with a range of business processes through software
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contribute to wider productivity gains for businesses by encouraging digitalisation
We believe in the
The Sterling Equation
