Making Tax Digital – What It Means For Your Business

What is Making Tax Digital? Making Tax Digital (MTD) is an initiative first announced in the Government’s March 2015 Budget and aims to create ‘a transformed tax system and the end of the tax return’. It plans to ‘make it easier for individuals and businesses to get their tax right and keep on top of their affairs’ by creating an online system allowing taxpayers to sign in and access their own tax accounts through HMRC avoiding costly recording mistakes and potential fines. The MTD initiative hopes to eliminate the need for the annual tax return for millions of taxpayers by 2020. When will the Making Tax Digital scheme start? Every individual and business already have access to their own per

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