Making Tax Digital MTD
Making Tax Digital (MTD) is a key part of the government’s Tax Administration Strategy, aimed to help reduce the tax gap by requiring businesses and individuals to: keep digital records, use software that works with Making Tax Digital and submit updates every quarter, bringing the tax system closer to real-time.
The government strategy supports HMRC’s plans to digitalise the tax system, and it has published various documents for further information and lists the benefits of Making Tax Digital and a digital tax system as:
- making it easier for individuals and businesses to get their tax right
- meaning customers can integrate tax management with a range of business processes through software
- contributing to wider productivity gains for businesses by encouraging digitalisation
This approach will help reduce the amount of tax lost to avoidable errors due to the:
- improved accuracy of digital records
- additional help built into many software products
- digital records being sent directly to HMRC
HMRC recently published evidence of Making Tax Digital reducing the tax gap.
Find out more about how businesses have benefitted first-hand from Making Tax Digital.
For further information visit the Policy paper Overview of Making Tax Digital
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