What is Making Tax Digital
What is Making Tax Digital? Making Tax Digital is a key part of the UK government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs. HMRC’s ambition is to become one of the most digitally advanced tax administrations in the world. Making Tax Digital is making fundamental changes to the way the tax system works – transforming tax administration so that it is: more effective more efficient easier for taxpayers to get their tax right This is a first-step towards a long-term goal of requiring real time filing of individual transactions with HMRC. On 1 April 2019, the rules take effect only for VAT. Following this, MTD may be extended for Income Tax and Corporation Tax, from 2020 at the earliest. Read full article here: Making Tax Digital Signals Time for a Change