Making Tax Digital | Travel Accountants

What is MTD?

MTD stands for ‘Making Tax Digital’, and is the biggest restructure to the UK tax system since Self-Assessment was introduced in the late 1990’s

H.M Revenue & Customs state that:

“Making Tax Digital is a key part of the Government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs.”

Its aim is to make its administration system the most advanced in the world, which will ultimately enable UK taxpayers to make their submissions more efficient and with a high level of accuracy

The Government has worked closely with numerous software providers ensuring that their back office systems are compatible with their digital platform, meaning that UK taxpayers can choose a system solution which is right for your business.

WHA Connect is our dedicated MTD department, are ready and willing to support you and your business to comply with these major changes.

MTD Timetable

HMRC’s initial outline to transform the UK Tax System is now established. Although there are further phases to be completed, a large number of business are already reporting to HMRC using their new Making Tax Digital (MTD) platform.

Making Tax Digital (MTD) for VAT will be extended to all VAT registered traders in April 2022, and further reforms for income tax will become mandatory from April 2023.

Enclosed is the current timetable for HMRC’s MTD vision:

From April 2019:

MTD for VAT became mandatory for VAT-registered businesses and organisations (including sole traders, partnerships, limited companies, non-UK businesses registered for UK VAT, trusts and charities) with taxable turnover above the VAT threshold. There was a six-month deferral of the start date, to 1 October 2019, for some more complex businesses.

From April 2022:

MTD for VAT will be mandatory for all VAT-registered businesses and organisations regardless of size. The deadline was extended 1 year to April 2022.

From April 2023:

MTD for income tax will be mandatory for some self-employed and partnership businesses and for some income tax payers with income from property. It will only apply to those with business income (turnover plus gross rental income) over £10,000.

Our Approach

At WHA Connect, we are focused on ensuring our clients meet the various deadlines with ease and without major disruption. Our team will carefully review your current bookkeeping structure and come up with an affordable, technically efficient and intuitive system so you can be MTD ready helping your business meet the upcoming staging dates. We will ensure that you are not just MTD ready, but also fully MTD Compliant.

Xero partner

Xero is a market leading online accounting solution which is simple, smart and cost effective. Xero is designed to not only ensure that you are fully compliant with MTD, but can also take the stress out of bookkeeping and financials.

With Xero you can log in online anytime, anywhere on your Mac, PC, tablet or phone and see up-to-date financials. It can also contribute for quicker payments from customers and better compliance with HMRC.

WHA have been a Xero partner since 2012. We are also a Gold champion Xero Certified practice and specialise in Xero Migration. Our teams are Xero advisor and Payroll certified.

Our Xero approved practice page can be found here.

We are also a ‘MTD Ready practice’, who can migrate and implement your accounting system on to the Xero platform. We are also associated with a number of the Applications that run alongside Xero such as Dext.

Please contact a member of the WHA Connect team today to organise a demonstration and a trial today.

Dext

Dext (formerly known as Receipt Bank) is the business expense tracker that tracks, reads and stores your receipts and invoices on the go, so you can focus less on finance and more of your time on what really matters: growing your business.

This software solution integrates seamlessly with many cloud accounting solutions across the market, including Xero. By utilising your smart phone, laptop or tablet you can capture all expenses in real time, and these can be automatically processed and posted to your accounting software.
At WHA we are a Dext partner, and can assist with setup training and administering this software solution which is trusted by many of our clients already.

Interested? Get in touch