- HM Revenue & Customs (HMRC) is expanding the Making Tax Digital (MTD) initiative in the UK, impacting around 4.2 million taxpayers with business or property income over £10,000.
- The shift aims to modernize the tax system, increase transparency, and improve efficiency for Income Tax obligations.
- A recent HMRC report highlights the benefits of MTD for VAT (MTDfV) based on interviews and surveys with VAT-registered businesses.
- Adoption of MTD-compatible software has transformed business practices, streamlining tasks such as invoice generation, financial reporting, and bank reconciliation.
- Businesses have experienced financial and operational improvements, time savings, increased productivity, boosted digital confidence, and enhanced transparency and trust in HMRC. Embracing the digital transformation of tax management is crucial for businesses, self-employed individuals, and landlords to stay ahead and benefit from the advantages MTD offers.
Source RTCsuite
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