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What is Making Tax Digital?
HMRC has initiated a new system in place that enables all business owners and individuals to stay up and running with their taxes right on a digital platform with more frequency of Returns Submission.
In simple words, keeping the digital trend in mind, the government has planned to completely change the way taxes are recorded and data is submitted and received to and from HMRC.
Making Tax Digital (MTD) will be incepted with step by step implementation of different phases where the first phase will be started with VAT registered entities from 1st April 2019 and eventually will be implemented for other taxes.
Therefore, its high time you ask yourselves some important questions to be on track with MTD.