Making Tax Digital, also known as MTD, is a government initiative that sets out a bold vision for a digital tax system. The aim of the initiative is to make tax administration more effective, more efficient and easier for taxpayers, through the implementation of a fully digital tax system. The changes will apply to a wide range of taxpayers, including most businesses, self-employed people and landlords, as well as individual tax payers. MTD reporting for VAT will become compulsory from 1st April 2019 for all businesses who are, and have to be, registered for VAT.
FreeAgent is working closely with HMRC to ensure that it offers the best possible solution to MTD for your business, with the least possible disruption. Get started with FreeAgent, and you’ll be safe in the knowledge that your accounts will be ready for the new era of digital tax.