MTD Accountant

Advantax – MTD Accountant in Southall

"Making Tax Digital" Accountant in Southall and Uxbridge

MTD Services

What is “Making Tax Digital?”

It’s an initiative led by the UK Government and HMRC designed to make it faster and easier for people to record, understand, and file their taxes electronically. It was originally announced in 2015.

Almost everyone. If you pay tax and file a tax return in the UK you will be affected — this includes businesses, landlords, individuals, nonprofits, and more. Essentially, if you file a tax return, use an accountant, or get income from any place other than standard PAYE payroll, Making Tax Digital matters to you.

HMRC has stated that Making Tax Digital won’t impact on people who are pensioners, solely paid through payroll / PAYE, or who have a secondary income of less than £10,000.

The personalised digital tax account is at the heart of Making Tax Digital. It contains all of the available information that HMRC holds on you, your business, your taxes, and various other areas. 

When to Move For Making Tax Digital?

In the realm of digital accountancy, Advtantax Accountants is a renowned name, establishing itself as a market leader in Southall and Uxbridge. As seasoned MTD (Making Tax Digital) accountants, they are lauded for their efficiency, professionalism, and cutting-edge digital solutions. Advtantax’s ascendancy can largely be attributed to their adept adaptation to the MTD initiative rolled out by HMRC. They have a proven record of assisting businesses transition seamlessly into the digital taxation era, by guiding them to optimise their VAT returns and digitise their financial record keeping.

The team of proficient accountants at Advtantax amalgamate their deep-rooted knowledge in taxation and finance with a thorough understanding of the latest accounting software, thus providing top-tier MTD services. They deliver a client-focused approach, providing tailored solutions that not only meet the legislative requirements but also increase operational efficiency for businesses. Advtantax’s dominance in Southall and Uxbridge has been achieved through their commitment to excellence, innovative digital solutions, and a deep understanding of local businesses’ needs. 

Making Tax Digital Accountant

FAQs about Self-Assessment tax

Making Tax Digital is a government initiative to set a bold vision for a digital tax system to make it easier for individuals and businesses to get taxes right and keep track of their affairs through digital. The aim of the initiative is to make tax administration more effective, efficient and easier for taxpayers by introducing a fully digital tax system.

HMRC is gradually introducing Making Tax Digital. The VAT digitization for VAT began on April 1, 2019, affecting VAT companies with taxable sales above the VAT limit of £ 85,000. Therefore, from April 2022, all companies registered for VAT purposes will have to comply with the rules of Making Tax Digital for VAT.

HM Revenue and Customs (HMRC) will never ask for your bank details, personal information, and will never send you email or SMS notifications to:

  • Income tax returns
  • Refunds
  • personal information

If you receive an email claiming to be from HMRC or an email promising you a tax refund, please do not respond to that e-mail. Instead, contact HMRC directly to verify that the email is genuine.

As of April 1, 2019, all VAT registered businesses with tax sales above  £ 85,000, must file their VAT returns with an approved application. This system is called Tax Digitization for VAT. The MTD VAT  has affected over a million UK businesses. Foe details, see: https://advantaxaccountants.co.uk/vat/

If your business has a taxable turnover below the sales tax limit, you can still voluntarily register with MTD. HMRC encourages companies with taxable sales below the VAT threshold to register so that they too can benefit from MTD. Businesses can also register for income tax with MTD. This means that, depending on the type of company, you can further optimize your business processes. The software helps you keep track of your business documents and allows you (and your agent, if you have one) to better understand your company’s performance.

You must register with Make Taxes Digital for VAT if your taxable turnover is greater than £ 85,000 then you can maintain digital records. Submit your business tax return using compatible software.

If you’re not sure if you signed up for MTD with HMRC, here’s how to check:

  • Check your emails, If you have successfully registered with MTD, you will receive a confirmation email from HMRC.
  • If you cannot find the confirmation email, please contact HMRC to confirm that you have successfully registered.

If you like to get our services for MTD or know more about it, we invite you to contact us. We will inform you not only completely about our services, but also give you an idea how we can help you in this regard.

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