How Making Tax Digital Can Affect You and Your Businesses

 

 

This article focuses on the gap in information provided by the government on the real time implications of Making Tax Digital for businesses. 

 

Since its proposed introduction in the 2017 budget, the exact details of the mechanics of the legislation have been slightly opaque. From the timeline of the legislation, to the reporting requirements, Plummer Parsons have compiled a single resource with clear information, and valuable oversight on the most frequently asked questions, in order to provide some clarity to business owners on how Making Tax Digital will directly affect them.

 

 

Delving into the nitty gritty of the legislation, whilst keeping an eye on how to translate the information into clear, and actionable directives, Plummer Parsons set out what the government needs from business owners, the deadline to provide that information, and if there are any possible exemptions. Similarly, the article provides a brief overview of the actual benefits of the MTD legislation.

 

Looking over the legislation as accountants, Plummer Parsons aim to provide informed and unbiased financial advice, with reputable resources provided for those who seek further information. By the end of the article, readers will know what MTD is, and how to prepare for it before the first deadlines begin in 2018.