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Essential Tips for Making Tax Digital

How to plan in advance

Essential tips and guidance

Here are our steps on planning for MTD in advance.

Schedule a meeting

Visit our contact page here or call us on 01384 376964

Sign-up for MTD for ITSA via HMRC’s website

To visit HMRC’s sign-up page – CLICK HERE

Choose software

At Folkes Worton we are fully accredited in a range of the most popular software solutions. We can support you on whatever solution is the best fit for your business rather than offer a single partners software. Therefore you can be assured that you will get the most impartial and appropriate solution for your business.

Familiarise yourself with how to accurately record financial transactions

From sector to sector the source and nature of financial transactions can be radically different. This is where you accounting professional can help. There is no need to worry about which solution to opt for and which is most suitable for you business. At Folkes Worton we are fully accredited in a suite of software solution and are able to provide all the training and guidance you will need.

Examine your transactions incurred over the last 12 months

Consideration of the number of likely transactions you incur each month and where those transactions originate can impact your choice of software.
If you can provide us with these details we can guide you.
In addition your choice of software can dramatically change your annual costs in particular some banks offer there own software for free. We can discuss whether this solution is best for your business.

Plan ahead

Making Tax Digital for Income Tax Self-Assessment will not be mandatory until 2024, which means that you do not need to start using accounting software to keep digital records until then.

Consider use of the pilot scheme

HMRC is currently running a pilot scheme, so you can actually sign up already if you are compliant or need time to familiarise yourself with the requirements ahead of the deadline. The pilot scheme is currently only open to sole traders with income from only one business.

Finally

Plan to go live!

Please contact our Making Tax Digital Team on 01384 376 964 to find out more.

Meet the MTD Team

Matthew Morris FCCA CTA
Tax Partner
Richard Homer ACA
Accounts Manager
Jack Meredith ACA
Chartered Accountant
Ellie Smith ATT
Tax