Making Tax Digital

1
Making Tax Digital
2
What is MTD?

• Making Tax Digital (MTD) is initiated by UK
  government, in the purpose of make tax
  administration more effective, more efficient and
  simpler for taxpayers.
• HMRC (HM Revenue and Customs) is collaborating
  with accounting software developers to ensure the
  taxpayers can easily switch to digital.

3
Making Tax Digital Implementation
Date Progress
Jan June 2017 The tax payers can see the overview of their tax liabilities in one place with the help of digital tax accounts
July Dec 2017 Companies with more sales than VAT, self-employed and landlords begin to prepare quarterly reports on HMRC through income tax and national insurance reporting system.
2019 Employers, employers and homeowners with the lowest MTD threshold will pay 10,000 and VAT deductibles throughout the HMRC reporting program for three months of income tax and national insurance liability.
2020 The businessmen, self-employed people, and landlords, can start updating HMRC quarterly for corporation tax commitment through their software.
2020 The full range of HMRC services are available through digital tax accounts.