Making Tax Digital

Whitefield Accountants are ready for 6 April 2023 are you?

Making Tax Digital (MTD) is HMRC's ambitious model to become "one of the most digitally advanced tax administrations in the world". Here at Whitefield Accountants, we are specialising in preparation for this and want to help our clients and prospective clients be ready for this before it becomes mandatory for most taxpayers in 2023/24

What is Making Tax Digital?

You may already be aware of Making Tax Digital if you are a VAT registered business since its initial inception on 1 April 2019, to file VAT Returns using "functional compatible software". This new regime will become mandatory from the tax year 2023/24 for most tax payers and we at Whitefield Accountants want to be ahead of this change to help you with the transition.

From 2023/24 the self-employed will be expected to submit tax information every quarter. The complexity becomes apparent for those who are not used to preparing VAT Returns and will need to change their approach to accounting from once a year to quarterly.

At Whitefield Accountants, we are ready and want to ensure you are too, this is why we pride ourselves on our cloud accounting software expertise. Businesses and landlords that have a taxable income over £10,000 will be impacted by MTD for Income Tax.

Although MTD for Income Tax might seem a distance away, you need to start planning now. Whitefield Accountants want to help you be ready and are actively encouraging early adoption methods for all of our clients to ensure the transition is as smooth as possible.