Making Tax Digital in Kent
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Making Tax Digital (MTD) is changing how taxpayers keep records and submit information to HMRC.
Understanding what applies to you, when you need to comply and what software you need can feel complicated.
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At Culverhouse & Co, our Chartered Accountants can help you understand the Making Tax Digital requirements, prepare your records and make sure you're ready for the changes.
We provide a smooth transition to digital accounting, staying compliant with HMRC requirements
What is Making Tax Digital?
Making Tax Digital is HMRC's programme to move taxpayers towards keeping digital records and managing their tax affairs online. It's a new way for sole traders and landlords to report their income and expenses to HMRC.β―
Rather than waiting until the end of the tax year to organise your records, MTD requires relevant taxpayers to keep digital records and, depending on the type of tax involved, submit information to HMRC through compatible software.
Who does Making Tax Digital apply to?
MTD is being introduced in stages, so the requirements depend on your circumstances and income. The rules have initially focused on VAT-registered businesses, with further changes affecting individuals with qualifying income from property and self-employment.
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The thresholds and implementation dates are important, so it is worth checking when the rules apply to you rather than leaving preparation until the last minute.
Dave Knight, Director at Culverhouse & Co, has been working with many of our clients on MTD.
"As with any change, companies find it a little daunting at first, but the benefits are soon apparent and include: being able to view your tax situation and liabilities in real time, the ability to plan and budget more efficiently as well as saving time and hassle as all your company’s information is available at the touch of a button”.
Making Tax Digital support for individuals and businesses
Making Tax Digital (MTD) is changing how taxpayers keep records and submit information to HMRC. Understanding what applies to you, when you need to comply and what software you need can feel complicated.
At Culverhouse & Co, our Chartered Accountants can help you understand the Making Tax Digital requirements, prepare your records and make sure you're ready for the changes.
Making Tax Digital for Income Tax
Making Tax Digital for Income Tax is being introduced for individuals with qualifying income from self-employment and property. The phased introduction means that some taxpayers will need to start using MTD before others, depending on their qualifying income.
This means you may need to:
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Keep digital records
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Use compatible software
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Send income and expense information to HMRC
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Meet the relevant reporting deadlines
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Keep your digital records up to date
If you're unsure whether MTD applies to you, we can help you understand what you need to do.
Making Tax Digital in Kent and surrounding areas
Culverhouse & Co provides Making Tax Digital support in Kent, South London, Surrey and East Sussex.
We work with individuals and businesses across Orpington, Bromley, Sevenoaks, Swanley, Edenbridge, Tonbridge, Tunbridge Wells, Maidstone, Chelsfield, Locksbottom, Petts Wood, Dartford, Godstone, Sidcup and East Grinstead, as well as surrounding areas.
Whether you're preparing for MTD for the first time or want help making sure your existing systems are compliant, our Chartered Accountants can help.
How Culverhouse & Co can help you prepare for Making Tax Digital
Our Chartered Accountants can assist with managing the transition. We can help you:
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Review your existing bookkeeping and record-keeping processes
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Help you understand digital record-keeping requirements
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Understand which MTD requirements apply to you
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Answer questions about your MTD obligations
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Keep your accounting and tax affairs organised
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Advise on suitable accounting software
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Help you prepare your financial records
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Support you with MTD reporting
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Check when you need to comply
Stay up-to-date with the latest MTD news
What software do I need for MTD?
MTD requires compatible software to keep digital records and, where required, communicate with HMRC. You don't necessarily need to change everything about how you manage your finances, but your existing bookkeeping or accounting system may need to be reviewed to make sure it meets the relevant requirements.
Our team are experienced in the use of a wide range of HMRC-compliant Making Tax Digital software and can help you to choose the software that will work best for you and your business.
