There are going to be quite a lot of changes to the way that businesses record and report their accounts over the next couple of years with the rollout of the Making Tax Digital scheme. One of these changes is the removal of basis periods from the tax year 2022 – 2023. What…
Tag: making tax digital
What is Making Tax Digital?
Making Tax Digital (MTD) is a new scheme that has been set up by HMRC as a way to modernise the tax system in the UK, replacing paper records with a digitalised system. Once the MTD system is in place, business owners must keep digital records and make submissions to HMRC using approved software. When…
Making Tax Digital Update...
What do you need to know about Making Tax Digital? Making Tax Digital is a term you may have heard of and seen in the past couple of years, but if it hasn’t yet affected you and your business, may not have paid much attention to it. However, now is the time to get…