Supporting businesses to implement digital tax administration
Making Tax Digital
Making Tax Digital (MTD) is the government initiative designed to make tax administration more effective, efficient, and easier for taxpayers by implementing a fully digitalised tax system.
The process will eventually bring an end to self-assessment, replacing tax returns with digital tax accounts for millions of businesses and individuals. Starting with VAT in 2019, online returns will be mandatory for all businesses over the £85,000 VAT threshold, although businesses with a lower turnover will also be able to opt for digital returns.
MTD will bring significant changes from the traditional system of returns for many businesses, along with opportunities for businesses to use new technology to simplify their tax reporting. Many progressive and proactive business owners are already utilising cloud technology in their day-to-day operations.
Old Mill is at the forefront of the use of cloud technology in owner-managed businesses. Our team works closely with clients looking to adopt and develop digital technology within their regular business activity, as well as for calculating and processing their tax obligations.
We can help you to understand and prepare for the changes ahead – as well as your responsibilities under the new regime – by offering specialist advice in the following areas:
- Xero training and integration for you and your staff (we are a Xero Platinum Partner and use Xero as our primary VAT and bookkeeping accounting software)
- Support and guidance around the transition to MTD via regular clinics and sharing of specialist resources and knowledge
We also offer an MTD ‘done-for-you’ service which updates your systems and prepares you for the new processes.