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The Old School, Kewstoke Road, Bristol BS9 1HE

Harris Tyser Accountancy is the trading name of Harris Tyser Limited, a company registered in England and Wales under registration number 11259336

Copyright © 2017 Harris Tyser

Making Tax Digital

Making Tax Digital (MTD) is the government's initiative to ensure the tax system is streamlined and efficient.

MTD began on 1st April 2019 with MTD for VAT.  MTD for income tax is scheduled to begin on 5th April 2021, with other taxes on hold until a later date.

MTD for VAT

  • Mandatory for all businesses and organisations who are registered for VAT and have taxable turnover above £85,000

  • Since VAT periods beginning on or after 1st April 2019 these businesses need to keep digital accounting records

  • VAT reporting to HMRC is direct from your digital accounting records

MTD for income tax

  • Effective from April 2021 at the earliest

  • Affecting individuals, sole traders, partnerships who currently complete a self-assessment tax return

  • Quarterly reporting of income and expense amounts to HMRC

  • Records of income and expenses will need to be kept digitally

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