MAKING TAX DIGITAL
SUPPORTING YOUR BUSINESS THROUGH MAKING TAX DIGITAL COMPLIANCE
Making Tax Digital (MTD) is transforming how businesses maintain records and submit tax information to HMRC. Digital record keeping and electronic submissions are now mandatory for many businesses, with further phases being introduced.
At Francis Davies, we support SMEs and limited companies across South Wales in meeting their Making Tax Digital obligations efficiently and with confidence.
WHAT IS MAKING TAX DIGITAL?
Making Tax Digital is a government initiative designed to modernise the UK tax system. It requires businesses to:
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Maintain digital accounting records
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Use HMRC-approved software
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Submit tax returns electronically
Paper-based systems and manual submissions are being phased out as digital compliance becomes standard practice.
WHO IS AFFECTED?
Currently:
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All VAT-registered businesses must comply with MTD for VAT
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Self-employed individuals and landlords are being brought into MTD for Income Tax
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Corporation Tax is expected to follow in future phases
If you are unsure how these requirements apply to your business, we can review your position and provide clear guidance.
HOW WE CAN HELP
We provide practical support to ensure your business transitions smoothly to digital compliance, including:
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MTD readiness reviews
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Advice on suitable accounting software
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Setup and migration from spreadsheets
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Ongoing VAT return submissions
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Training and support for business owners
Our aim is to make digital compliance straightforward and manageable.
BENEFITS OF GETTING IT RIGHT
Complying with MTD is not just about avoiding penalties. Proper digital systems can also:
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Improve accuracy of financial records
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Provide real-time visibility of performance
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Simplify VAT reporting
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Reduce administrative stress
We help you use digital systems effectively, not just compliantly.
SPEAK TO US
If you would like to review your Making Tax Digital position or require assistance with compliance, we would be pleased to assist.
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