Making Tax Digital & Personal Tax Account
Whilst HMRC are in the process of finalising their decisions and publishing findings from consultation periods regarding Making Tax Digital (MTD) we are preparing ourselves for the new age of submitting your Income, Expenses and Tax data to HMRC.
Individuals are required to have a Personal Tax Account (PTA) from April 2017, if they do not already have one. Sole Traders and Self Assessment cases with rental income commence under the MTD regime from April 2018 with Partnerships and Companies following in April 2019 and April 2020 respectively.
We are awaiting further confirmation form HMRC regarding the precise parameters for compulsory application of the new regime and will publish advice as soon as we are made aware.
In the meantime, we are able to assist with PTA’s and advice on MTD.
Please contact us today to arrange a free consultation to discuss the accounting requirements of your business and find out how we can help.