📅 Published: January 2025
📝 Key topics: MTD for VAT, income tax updates, software recommendations, and compliance.
Making Tax Digital (MTD) is a key part of the UK government's plan to make tax administration more efficient, effective, and easier for taxpayers. The initiative aims to transform the tax system by requiring businesses and individuals to maintain digital records and submit tax returns using compatible software.
What is Making Tax Digital (MTD)?
MTD is a government initiative designed to modernise the UK tax system by mandating digital record-keeping and electronic tax submissions. It applies to VAT-registered businesses and, in the future, will extend to Income Tax and Corporation Tax.
Who Needs to Comply with MTD?
Currently, MTD applies to:
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All VAT-registered businesses with taxable turnover above £90,000 (as of April 2024) must keep digital records and use MTD-compatible software to submit VAT returns.
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Voluntarily VAT-registered businesses (turnover below £90,000) can also sign up for MTD.
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Self-employed individuals and landlords with income over £50,000 will need to comply with MTD for Income Tax Self-Assessment (ITSA) from April 2026.
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Corporation Tax will be included at a later date, but no firm timeline has been set.
How Does MTD Work?
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Businesses and individuals must maintain digital records of income and expenses.
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VAT returns must be submitted through MTD-compatible software.
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The system reduces errors and improves efficiency in tax reporting.
Benefits of MTD
✅ Reduces tax return errors.
✅ Simplifies tax management.
✅ Increases efficiency in financial record-keeping.
✅ Provides a clearer financial picture for businesses.
How Certax Accounting Bradford Can Help
At Certax Accounting Bradford, we help businesses transition to MTD smoothly. Our services include:
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MTD Compliance Consultation – ensuring you meet all MTD requirements.
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Digital Accounting Software Setup – helping you choose and integrate the right software.
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Ongoing Bookkeeping & VAT Support – managing your tax obligations efficiently.
Get MTD-Ready Today
Don't get caught unprepared. Let Certax Accounting Bradford handle your MTD transition with expert guidance.
📍 Address: 174 Barkerend Road, Bradford, BD3 9BH
📞 Phone: 01274 800 550
📧 Email: bradford@certax.co.uk
🌐 Website: www.certaxbradford.co.uk
Ensure your business stays compliant and tax-efficient with Certax Accounting Bradford – your trusted tax and accounting professionals!