Making Tax Digital for Business (MTDfB) is a key part of the government’s plan to make it easier for businesses to accurately record and file their taxes.
At present MTDfB only applies to businesses registered for and paying VAT. However, the government intends to extend it to all businesses paying Corporation Tax and on income tax for partnerships with a turnover in excess of £10 million.
If MTDfB applies to your business you are required to use digital tools, such as software, to keep records of your income and expenditure.
We can discuss how MTDfB affects your business and consider the options available to successfully work with HMRC’s digital tax system.
Please get in touch with us if you need more help or information about MTDfB.