Making tax digital

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    Making tax digital

    Hi I currently have a accountant who I give all the receipts etc at the end of the year, I've been looking at the MTD and it says I have to do my bookkeeping every quarter to the Hmrc, I've looked at tax calc and it looks good.
    My question is do I still need the accountant? And can I still give him the information at the end of year.
    Bit worried as not really up on computer things more a pen and paper

    #2
    The planned change to quarterly returns didn't happen - still planned for some point in the future.

    When I post, I am expressing an opinion - feel free to disagree, I have been wrong before.
    Please don't act on my suggestions without checking with a grown-up (ideally some kind of expert).

    Comment


      #3
      Does that mean I can still give my accountant my info and he does it digitally? At end of year.
      Getting stressed just looking for software.

      Comment


        #4
        MTD is only applicable for certain groups and businesses ATM

        not sure when the next set of changes are due

        this may be helpful

        https://www.gov.uk/government/public...ng-tax-digital

        Comment


          #5
          Making Tax Digital for Income Tax

          Self-employed businesses and landlords with annual business or property income above £10,000 will need to follow the rules for MTD for Income Tax from their next accounting period starting on or after 6 April 2023.

          Some businesses and agents are already keeping digital records and providing updates to HMRC as part of a live pilot to test and develop the Making Tax Digital service for Income Tax. If you are a self-employed business or landlord you can voluntarily use software to keep business records digitally and send Income Tax updates to HMRC instead of filing a Self Assessment tax return.

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            #6
            Hi, I've read all the info on the hmrc website and it still dosent explain how I use a accountant, ie do I use there software or do I have to use my own and send it to him.
            If I do it with my software and instead of sending it to him I bypass and send it to hmrc?

            Comment


              #7
              I've used Tax Calc for years - its pretty easy to use and good value. When MTD comes in I will be relying on it to keep me up to date.

              Comment


                #8
                Thanks will have a look, do you have a accountant aa well?

                Comment


                  #9
                  What exactly does your accountant do for you currently? Is it just bookkeeping and declaring your tax return? Does he offer any advice?

                  Comment


                    #10
                    Hi, I work out total rents and put expenses into columns and he then fills out the SA and calcutes the tax and prepares accounts
                    I suppose I could do that myself with software, just nervous about messing it up.

                    Comment


                      #11
                      So let him carry on

                      Comment


                        #12
                        Originally posted by jase222 View Post
                        Thanks will have a look, do you have a accountant aa well?
                        No - I do it all myself

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