Making Tax Digital is the government’s plan to modernise and digitalise the UK tax system. Ultimately, this will have significant implications for both businesses and individuals.
VAT was the first area to be affected. Since April 2019, businesses and other organisations with a turnover above the VAT threshold have had to maintain certain digital records and submit their VAT return information to HMRC digitally.
The government has confirmed that obligations to submit quarterly details of income and expenditure for income tax and corporation tax purposes will follow in the next few years.
Our tax experts are constantly reviewing developments relating to Making Tax Digital and will apply the latest rules and guidance to your tax affairs.
Contact our Making Tax Digital lead, Jon Dawson, with your questions about your obligations.