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Frequently asked questions
What is Making Tax Digital and why does it matter for my business?
Making Tax Digital (MTD) is an HMRC initiative requiring businesses to keep digital records and submit quarterly updates. It aims to make tax administration more efficient and reduce errors. For VAT-registered businesses, MTD is already mandatory, and it will extend to Income Tax and Corporation Tax. Engaging a qualified accountant ensures you comply with these requirements.
How do I choose the right Making Tax Digital accountant in Braintree?
Look for accountants with recognised qualifications such as ACCA, ICAEW, or AAT, and specific experience with MTD-compliant software. Check their familiarity with HMRC's digital systems and their ability to handle VAT, Corporation Tax, and Self Assessment. Using a directory like AccountingFirms allows you to compare local professionals and read their credentials before making a decision.
What are the penalties for not complying with Making Tax Digital?
HMRC can issue penalties for late or inaccurate submissions under MTD. These penalties are based on a points system, where each failure accrues points. Once a threshold is reached, a financial penalty applies. Working with a qualified accountant helps you avoid these penalties by ensuring your digital records are accurate and your submissions are made on time.
Can a Making Tax Digital accountant help with VAT returns?
Yes, MTD for VAT is already mandatory for most VAT-registered businesses. A qualified accountant will ensure your VAT returns are submitted digitally using HMRC-compatible software. They can also help you manage quarterly updates, reconcile accounts, and claim VAT reliefs, ensuring full compliance and minimising the risk of errors or penalties.
Do I need to use specific software for Making Tax Digital?
HMRC requires MTD-compatible software that can keep digital records and submit data directly to HMRC. Many cloud-based accounting packages, such as Xero, QuickBooks, and Sage, are MTD-ready. An experienced accountant can recommend the best software for your business size and sector, and assist with setup and training to ensure seamless compliance.
How often do I need to submit updates under Making Tax Digital?
Under MTD, most businesses must submit quarterly updates to HMRC summarising their income and expenses. For VAT, this is typically every three months. For Income Tax and Corporation Tax, the frequency is also quarterly, with an end-of-period statement and final declaration. Your accountant can manage this schedule and ensure all submissions are accurate and timely.
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