Making Tax Digital
The Biggest Overhaul In Tax Filing
Making Tax Digital (MTD) is the biggest overhaul to the tax filing system in generations.
From 2023 any self employed business, sole trader or landlord with income of over £10,000 will be required to file under the Making Tax Digital Rules.
Increasing the numbers of filings to HMRC from 1, to 5 per year and require tax payers to undertake Digital Record Keeping.
They also do not allow tax payers to file directly via the HMRC website, instead, you have to buy special software to do file your reports.
It’s not going to be easy for many businesses. But don’t worry, Abacus Accountants can take care of it all for you.
Will I still be able to submit my self assessment tax return direct to the HMRC website?
Unlike with the current self assessment tax return system where you can go on to the HMRC website and submit your return, the new rules state that you can no longer submit directly to HMRC via their website. You will have to use a piece of HMRC approved software, or engage the services of an Accountant who can do that for you.
If that wasn’t disruptive enough, you will also no longer be able to undertake manual record keeping. Every transaction in your business or self employment must be recorded digitally, submitted to HMRC digitally, and done so in a specific format that is approved by HMRC. Yikes!
Is Abacus Making Tax Digital compliant?
Yes – we use software that is compliant with Making Tax Digital. If you don’t want the stress or worry or setting up a new digital system, contact us today to see how we can ensure that your accounts are compliant with MTD.
At Abacus Accountants we are perfectly positioned to do absolutely all of this new tax admin for you. In fact, we’ve been working this way since 2006!
What does that mean in real terms? Well, if you wanted to send us a purple envelope full of paper receipts every month, we can digitise, account for and submit your MTD reports to HMRC without you having to lift a finger.
And if you love doing things digitally, our custom-made software is fully MTD compliant.
Rest assured that no matter how you like to work, Abacus Accounatants have a subscription that will work for you.
Stress Free (Making Tax Digital) Compliant Accountancy Service
Here at Abacus Accountants we understand the stresses involved in running a small business. Our hassle-free (MTD compliant) subscription based accounting services can take one of those stresses off of your hands. We help start-ups, sole traders, small businesses, freelancers and Limited companies with their monthly accounts.
We will do your
- Monthly management accounts
- VAT returns
- Monthly payroll
- Statutory end of year accounts
- Corporation or partnership tax return
- Self assessment tax return