Making Tax Digital (MTD) is the newest form of tax filing.
Since 2019, MTD has been in practice in the UK.
In this blog post, we will discuss MTD in detail and provide information on what you need to know about this new system.
What is Making Tax Digital?
Making Tax Digital is the new system for filing your taxes. This system was introduced in 2019 and is currently in practice in the UK.
With MTD, you can now file your taxes online using your computer or mobile device. You no longer need to paper file your tax return.
Benefits of Making Tax Digital
Making Tax Digital is more accurate than paper filing. With MTD, you can avoid mistakes such as forgetting to include certain information on your tax return.
MTD is more convenient than paper filing. With MTD, you can file your taxes anytime, anywhere. All you need is an internet connection. You no longer need to go to the post office or tax office to file your taxes.
MTD is more secure than paper filing. With MTD, your tax return is stored electronically. This means that it is less likely to get lost or stolen.
Additionally, MTD helps the government to save money and time by having taxpayers file their taxes electronically.
Filing Your Taxes Online
Filing Your Taxes Online
Below are the steps to be followed while filing your taxes online, through the Making Tax Digital system.
1. Create an Account
To file your taxes online, you will need to create an account with the government’s MTD website. Once you have created an account, you will be able to login and begin filing your taxes.
2. Enter Basic Information
You will need to provide some basic information about yourself, such as your name, address, and date of birth. You will also need to provide your National Insurance number.
Once you have provided all of the required information, you will be able to start filing your taxes.
3. Enter Income-Expense Info
You will need to answer some questions about your income and expenses.
Be sure to have all of your documentation ready before you begin, as you will need to provide supporting evidence for your answers.
4. Submit
Once you have answered all of the questions, you will be able to submit your tax return.
You will then receive a confirmation email from the government confirming that your tax return has been received and is being processed.
Axies Accountants can help you with your MTD return and help file your profit and loss accounts, year-end accounts, statutory accounts and company accounts.
To know more, get in touch with us today.
