Tax

What should small firms do to prepare for Making Tax Digital?

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Making Tax Digital is being rolled out gradually, but eventually, all firms – except unincorporated ones with turnover below £10,000 per year – will be included. This means that it will apply to the majority of small businesses in the UK, but what should you do to get yourself ready for it?

Try to find out when your deadline is

Many small business owners are uncertain about when Making Tax Digital becomes applicable to them. If you have an accountant who handles tax return services in Goole or wherever you are located, they will know. If not, contact HMRC for details.

Consult your accountant

Even if you know what the deadline is for your company, it still makes sense to speak to your accountant. They will know the best software you should buy to submit your tax returns under the new system.

Opt in to HMRC updates

The tax authority sends emails containing the latest news about Making Tax Digital, and you can subscribe to them. This is a great way to ensure that you are fully informed about the progress of the system, as well as any changes that might impact your company.

Go for the pilot

You can take part in a pilot for Making Tax Digital, which will let you find out about any potential issues before it becomes a requirement for you to use it.

At Adaptive Accountancy, we help small firms with tax issues like Making Tax Digital. Call now for details.

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