Ensure you’re compliant by using Access Digital Tax, an application recognised by HMRC.book demo read brochure
Making Tax Digital (MTD) is a system from HMRC that has transformed the UK tax system, making it fully automated, digital and online based.
Starting with businesses above the £85,000 threshold, there is now a requirement to digitally record and submit tax returns online, and to ensure that the digital journey of data from accounting and invoicing systems used in the process of filing your return, remains uninterrupted.
This is completed using Making Tax Digital compatible software like Access Digital Tax, our application designed in close conjunction with HMRC; as part of powerful core accounting software that brings together all your accounting and financial operations into one place, such as Access Financials.
The digital system is designed to make tax returns as accurate as they’ve ever been thanks to the online based system.
With the ability to enter tax details throughout the year, when the time comes to file your return it can be done at a glance.
With fewer errors and miscalculations, filing and processing will be done in as close to real-time as possible.
For now, the MTD system affects VAT-registered businesses that exceed the £85,000 threshold, but will eventually be mandatory for all businesses.
MTD has been mandatory for VAT returns since April 2019, and from 2020 this will include income and corporation tax returns. Furthermore, data transfer between software, products or applications such as accounting and invoice systems used during the process of filing your VAT return to HMRC, must now be executed using a digital transfer or “digital link”.
If you are already using one of Access’ suite of applications, like Dimensions or Access Financials, the transition is very smooth. If you’ve yet to make use of our digital finance software, don’t worry, Access can help you every step of the way.
The Access Digital Tax App is recognised by HMRC and allows you to digitally submit VAT returns by connecting seamlessly to any accounting systems or spreadsheets.
If you already have a digital account with HMRC, Access Digital Tax can connect with it, streamlining the process even more.
Access Digital Tax can be accessed as and when you need it, so you can update and modify as you see fit.
HMRC's ambition is that a digital tax system will make it easier for businesses to get their tax right.
Reducing the number of avoidable errors will also reduce the cost, uncertainty and worry that businesses face when HMRC is forced to intervene.
Access Tax Digital can help to ensure quick and easy VAT returns.
Alleviate the stress and decrease the pressure on end-of-the-year tax filing by processing and filing throughout the year via Access and Making Tax Digital.
Encounter fewer surprises as you can calculate as you go, check whenever you need to, and eliminate the risk of an unexpectedly high tax bill by using the Making Tax Digital system.
By producing and storing all your records digitally you get immediate access allowing you to view, review and check all your VAT data with ease.
A move to online finance is the perfect opportunity for CFOs to lead the debate and encourage senior management to take a broader perspective – one that turns this regulatory burden to the business’ advantage.
Those who act could see greater efficiency and productivity, driving both business growth and profitability.
In this whitepaper, we’ll dive into some of the opportunities available and what they mean for business.
Find out how Access can support you and your business compliant with MTD and keep up to date with changes, upcoming deadlines or further reading.
Our resources are packed with useful information to help you get up to speed on HMRC’s plans.