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Blog: Making Tax Digital

What is MTD for Income Tax?

Making Tax Digital (MTD) is HM Revenue & Customs’ (HMRC) latest initiative aimed at modernising the UK tax system. It aims to make filing more effective, efficient, and easier for taxpayers to avoid making mistakes.

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MTD expected to cost £1 billion more than originally forecast

A report published by the National Audit Office (NAO) has found that HMRC’s Making Tax Digital (MTD) initiative is expected to cost around £1 billion more than its initial £226 million budget, which was forecast in 2016. MTD is intended to modernise the tax system for income tax self assessment, VAT and corporation tax.  It

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Benefits of cloud accounting software far outweigh costs, study reveals

Cloud accounting software adopters are more likely to experience the benefits of Making Tax Digital (MTD) for VAT than those using only bridging software, a new study has revealed. The research, published by HM Revenue & Customs (HMRC), comes ahead of the extended rollout of the new digital tax regime. The survey of small businesses

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Making Tax Digital for VAT

Over the coming years, the government will phase in the Making Tax Digital (MTD) initiative, which will see taxpayers move across to a fully digital tax system. The below outlines some of the key issues for businesses and business owners. Making Tax Digital for Business Making Tax Digital for Business (MTDfB) was introduced by Chancellor,

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