Digitalisation is influencing everything in the 21st century, and tax is no exception. Making Tax Digital (MTD) is the government’s own plan to use the tech evolution to transform the British tax system, reducing errors and enhancing efficiency across the board by 2020.
Yet, despite the importance and significance of MTD, there remains a degree of uncertainty surrounding the scheme, especially given how it’s suffered setbacks since it was first announced. Everyone needs to know where they stand before MTD is officially rolled out, and certain business owners will need to prepare sooner than others for the onset of an all-digital tax world.
That’s why Liquid Accounting have prepared an official step-by-step guide to Making Tax Digital. Over the course of five distinctive sections, we outline:
• The premise of MTD
• Who MTD affects
• The notable MTD dates
• Penalties you may face
• Steps to embracing MTD
This will tell you everything you need to know about MTD, guaranteeing there are no nasty financial surprises for you along the way.
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