Making Tax Digital
HMRC is swiftly phasing in the Making Tax Digital plans and for many it’s a headache. At Murrison & Wilson we’ve embraced digital technology and see digital as an opportunity to help our clients’ thrive.
What is Making Tax digital (MTD)?
HMRC is demanding that Businesses, Landlords and Sole traders record all transactions on computing software. The information will be stored digitally and will automatically update HMRC quarterly.
How does Making Tax Digital affect you?
From April 2019 businesses and landlords, with a taxable turnover over £85,000, must keep their business records digitally and send tax information to HMRC directly from those records.
From, 2020, at the earliest, all other businesses will be asked to keep digital records and to update HMRC quarterly for other taxes.
How we can help with Making Tax Digital
At, Murrison & Wilson we invested in processes and computing systems that minimise the costs and the work involved in going digital. So you don’t have to.
We understand timing is key for a smooth transition, avoiding any disruption to your business and HMRC penalties. It’s never too early to get started.
To review your options please download our helpful guide to Making Tax Digital today.
If you are looking for expert advice today on Making Tax Digital, please get in touch.
We’d be very happy to help.