Chat with us, powered by LiveChat

Modern accounting

Making Tax Digital

mtd

Making Tax Digital

Whilst initially daunting for some, we believe the advancement of technology will radically change the way we interact with clients for the better. MTD is a move towards digital reporting which will open up a new way of working which could bring major benefits. The move will mean that better quality business information will be available on a more timely basis, enabling better decision making. It can also put you in the best possible position to plan for taxes or business changes in a more forward-looking manner.

The timeline

Phase 1- April 2019

From April 2019 all VAT registered business with a turnover in excess of the VAT threshold (currently £85,000) will have to adhere to the MTD regulations. These businesses will have to keep their VAT records digitally and file their VAT returns electronically through MTD compatible software.

Phase 2 – April 2022

From April 2022 smaller VAT registered business with a turnover less than the VAT threshold (currently £85,000) will have to adhere to the MTD regulations. These businesses will have to keep their VAT records digitally and file their VAT returns electronically through MTD compatible software.

MTD phase 3 – April 2023

Self-employed businesses and landlords with annual business or property income above £10,000 will need to follow the rules for MTD for Income Tax from their next accounting period starting on or after 6 April 2023.

MTD phase 4 – Before 2026

The government has published a consultation on the future design of Making Tax Digital for Corporation Tax and will provide businesses with an opportunity to take part in a pilot for Making Tax Digital for Corporation Tax. It has been confirmed it will not mandate its usage before 2026.

The benefits

Fit your business

Cloud based solutions are ideal for businesses with  fluctuating demands.

Tracking

Users can have access to their data on the go 24/7  via any device they choose.

Faster

Information available on a more timely basis, enabling better decision making.

Secure

Advanced security features that guarantee that data is securely stored and handled.

chosing the right tool

Which platform is right for me?

We use Xero for completing our bookkeeping, however we are experienced in using QuickBooks and Sage. Most accounting software performs the same functions so if you pay for your own software, we can work with whatever you have.

Online software > 

Find out more

Free initial consultation

Get in touch with us today and we’ll talk to you about how we can support your business on its journey of growth and success.

If you’re new to accountancy, don’t worry, we know the right questions to ask to find out what you need, and we don’t talk industry jargon.

What clients think

“FoxKash in general seem to be a great Company. All of the staff we have to communicate with are friendly, helpful and efficient. One in particular who I have a lot of contact with is Sabah Farooq, she helps me out no end with my queries. She does this in a very efficient, professional and friendly manner, nothing is ever too much trouble for her. Sabah is a true asset to FoxKash in my opinion. Keep up the great work all.”

– Debbie and Martin, Mr M J Russell

Contact us

Get in touch