Making Tax Digital (MTD)

Making Tax Digital (MTD) is, as the name suggests, the HMRC move to digitise the tax system for VAT, Income Tax Self-Assessment and Corporation Tax for both businesses and individuals – the idea is to put all your tax information into one place.

The main purpose behind the government’s campaign is to simplify the way we make tax returns and to make it more efficient. Businesses and individuals will no longer need spreadsheets or paper records as it’s all moving to the new MTD system that requires HMRC compliant software.

If you are a sole trader or landlord earning over £10,000 per year, your local AIMS Accountant will be able to help by using the compliant software to submit all the required reports from your business directly to the government. Before April 2024, your business should be accustomed to the new digital way of doing your tax submissions, but we will still need all your paperwork in digital format to complete the process on your behalf.

Visit our full guide on MTD here.