Making Tax Digital
Making Tax Digital (or MTD) is coming, and it will impact how everyone manages and submits their accounts to HMRC. SKP Accountancy is geared up for this.
Making Tax Digital is inevitable, regardless of what final form it will take or what happens politically at a national level. Society has become technically savvy and digitally dependent on online services, and expecting HMRC and the accounting profession not to move with these times is unrealistic. Technology will impact accountants’ and their clients’ relationships not only with HMRC, but also with each other.
What is behind MTD? It is the government’s intention that by 2020, HRMC will be fully digital, meaning:
- bureaucratic form-filling will be eradicated; taxpayers should never have to tell HMRC information it already knows;
- unnecessary time delays will be eliminated; the tax system will operate in ‘real time’, keeping everyone up to date and removing the risk of missed deadlines, unnecessary penalties, debts arising and errors in the system being carried forward from one year to the next
This will all require businesses and individuals to change the way they maintain their accounts and undertake their bookkeeping.
SKP Accountancy is fully prepared for Making Tax Digital as it affects all aspects of the accountancy process, and we can equip you with the tools, processes and knowledge to make sure you’re compliant.
Would you like to know more about Making Tax Digital? If so, call Keith Keen of SKP Accountancy on 020 8468 1049 or e-mail [email protected] today to find out more.