Are you ready for the incoming digital tax rules?

Thousands of UK small businesses are still not ready for incoming digital tax changes coming into force this year.

The UK government have confirmed that from April 2022 over one million small businesses will need to comply with new digital tax legislation, called Making Tax Digital (MTD).

The first changes will happen for VAT registered businesses, or those with turnover of £85,000 or above. The self employed and landlords will follow by April 2024 and limited companies to report corporation tax from April 2026.

A survey conducted by Quickbooks found nearly half surveyed have been delaying making the the changes to comply with MTD.

Reduce stress and admin burden

Using digital software can actually reduce stress by automating your accounting process, minimising the time spent, improving efficiency and accuracy. Using digital software also provides real-time insights into finances, helping to build better habits and financial awareness. MTD is therefore not the only reason to be MTD ready, the benefits of using digital software means you can make informed, proactive decisions in your business, whilst being able to do active tax planning.

Are you ready to go digital?

Going digital involves a change in mindset and helps builds a repertoire of successful habits by frequently and proactively viewing and working on your business numbers. Building good habits can help reduce a business owner’s stress and feel more in control.

We can help you get MTD ready

Mirandus are a digital accountancy and tax advisory practice who use digital tools to help you manage your accounting processes efficiently, freeing up that time and space to provide personalised tax advice to help you pay less tax legitimately.