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15 Tricks to Tame Your Corporation Tax: Unleash Your Inner Tax Magician!

What is Making Tax Digital?

Making Tax Digital (MTD) is a key initiative by HMRC to digitalise the tax system and make it easier for individuals and businesses to get their tax right and keep on top of their affairs. MTD will require businesses and individuals to keep digital records, use software that works with MTD and submit updates every quarter, bringing the tax system closer to real-time.

MTD will also bring benefits such as

15 Tricks to Tame Your Corporation Tax: Unleash Your Inner Tax Magician!

The HMRC Roadmap

Your Path to Digital Compliance

The HMRC has laid out a roadmap for implementing Making Tax Digital. It is crucial for businesses to understand the key milestones and requirements to avoid penalties and ensure a smooth transition. Here's an overview of the HMRC roadmap:

VAT Reporting

Since April 2019, VAT-registered businesses with a taxable turnover above the VAT threshold are required to keep digital records and submit VAT returns using MTDcompatible software.

Income Tax Reporting

Starting from 6 April 2026, self-employed individuals and landlords
with annual business or property income above £50,000 will need to maintain digital records and submit quarterly updates of their income and expenses using MTD-compatible software. This £50K threshold will be reduced to £30K from April 2027.

Corporation Tax Reporting

In the future, MTD is expected to extend to corporation tax reporting, with businesses having to maintain digital records and submit tax returns using compatible software.

How TaxConnect Accountants can help?

At TaxConnect Accountants, we are experts in MTD and can help you navigate the transition smoothly and efficiently. We can help you:
We are here to support you throughout the MTD journey and beyond. Contact us today to find out how we can help you get ready for MTD.

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