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Making sense of making tax digital

04 April 2019 / Tim Smith
Issue: 7835 / Categories: Features , Profession , Tax , Technology
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Tim Smith provides a read & store guide to Making Tax Digital

  • What is Making Tax Digital (MTD)?
  • How will MTD change VAT processes for firms?

There has been a lot of noise around Making Tax Digital (MTD) of late. From TV and radio adverts to the news media, the government and other organisations have been urging businesses to take note of the latest changes to HMRC’s tax administration processes and make the necessary changes. Firms that fail to comply with MTD could also leave themselves open to incurring regulatory penalties. Yet, how many firms, law firms included, fully understand the new process and how it will affect the daily running of their business?

MTD explained

Making Tax Digital (MTD) is the government’s latest initiative which is set to change how accounts are managed in today’s legal sector. As of this week (1 April 2019) the first stage of the initiative will require firms to report and record their VAT transactions digitally in an effort to

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NEWS
Bea Rossetto of the National Pro Bono Centre makes the case for ‘General Practice Pro Bono’—using core legal skills to deliver life-changing support, without the need for niche expertise—in this week's NLJ
Charlie Mercer and Astrid Gillam of Stewarts crunch the numbers on civil fraud claims in the English courts, in this week's NLJ. New data shows civil fraud claims rising steadily since 2014, with the King’s Bench Division overtaking the Commercial Court as the forum of choice for lower-value disputes
Artificial intelligence may be revolutionising the law, but its misuse could wreck cases and careers, warns Clare Arthurs of Penningtons Manches Cooper in this week's NLJ
Small law firms want to embrace technology but feel lost in a maze of jargon, costs and compliance fears, writes Aisling O’Connell of the Solicitors Regulation Authority in this week's NLJ
Writing in NLJ this week, Victoria Rylatt and Robyn Laye of Anthony Gold Solicitors examine recent international relocation cases where allegations of domestic abuse shaped outcomes
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