MTD

Switching to digital

The way you pay your taxes is changing. Over the next few years, income tax for self-assessment and corporation tax will make the switch to digital. 

A lot of people are still unsure how these changes will affect them, or even when they will happen.

If you’re not sure what Making Tax Digital (MTD) means for you, you should get in touch with RBSCA.

Having already rolled out for VAT, MTD will be extended to income tax self assessment (MTD for ITSA) by April 2024 and corporation tax (MTD for CT) by April 2026 at the earliest.

MTD will mean you now submit all of your financial information digitally to HMRC, using compatible software such as Xero or QuickBooks. Instead of having  your invoices and receipts scattered around an office, they’ll all be in one place – your computer.

This process is simpler and more efficient for you and your accountant to use, minimising the chance of mistakes and late payment penalties on your returns.

If you currently submit self-assessment tax returns, you can look into joining the pilot scheme for MTD for ITSA which has been launched by the Government.

Our team of tax specialists are here to help you through the transition process. Get in touch to talk about MTD.

 

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Whether you know exactly what you’re looking for or want to work things through, let’s talk.

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Learning all about you

Every business is different. We’ll take the time to understand yours.

A holistic approach

Big-picture accounting to help you thrive.

Less admin

Your time will be freed up and you’ll see real progress.