How keen is the UK, in general, to embrace HMRC’s Making Tax Digital (MTD) initiative? Are we lagging behind other countries in adopting a digital system and have we gone far enough to digitise all business processes, rather than just the integration with the tax system?
HMRC has widened the pilot and simplified the quarterly requirements of Making Tax Digital for Income Tax Self-Assessment or MTD for ITSA for taxpayers with gross income from self-employment between £10,000 and the £85,000 VAT threshold, but many are concerned that the trial is too limited, the timescale too tight and the detail too brief to mean taxpayers will be ready for the April 2024 deadline.
Is your business looking to grow by adopting digital technologies? We take a look at the Government’s Help To Grow: Digital Scheme.
Regular check ups on the financial health of your business, particularly on cashflow, let you spot and resolve potential problems before they become major issues.
Although the government has delayed its plans for the introduction of Making Tax Digital for ITSA (Income Tax Self-Assessment), Bates Weston urges self employed and landlords to make the move to digital record keeping sooner rather than later.