Making Tax Digital (MTD)
Making Tax Digital (MTD) is a UK government initiative aimed at simplifying and modernising the tax system. It requires businesses and individuals to keep digital records and submit their tax returns directly through compatible software.
Who does MTD apply to?
All VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000) must follow MTD for VAT.
Businesses & Sole Traders
MTD will eventually apply to income tax, starting with self-employed individuals and landlords with an income of £10,000 or more.
Self-Employed & Landlords
All limited companies will be required to submit tax information digitally through MTD-compatible software for corporate taxes in the near future.
Limited Companies
Improved Accuracy: Digital submissions reduce the risk of manual errors, ensuring your tax returns are precise.
Time-Saving: Keeping digital records and automating submissions can save time, freeing you up to focus on running your business.
Compliance: MTD helps you stay compliant with HMRC, avoiding penalties for late or incorrect submissions.
Real-Time Insights: You’ll have a clearer, more up-to-date picture of your financials, allowing better planning and decision-making.
Key benefits
How Freed Accountancy Can Help with MTD?
I can help you transition to digital record-keeping, ensuring all your financial data is stored securely and meets MTD requirements.
I use a MTD-compliant software called FreeAgent, making it easy for you to track income, expenses, and VAT, and submit tax returns directly to HMRC.
I’ll guide you through the MTD process, from setting up the software to managing digital submissions, ensuring you remain fully compliant.
What my clients say
French toast
"Very professional and informative, I use mark for my accounts and wouldn't go anywhere else, if you want A* service do not hesitate!"
What my clients say
Carlene
"I am extremely pleased with Marks's services and would highly recommend him. He is professional, knowledgeable, and always provides prompt and clear explanations. His expertise in tax regulations has been invaluable in optimising my financial situation.
Additionally, his communication skills and personalised approach makes working with him a breeze. I trust him completely with my financial matters, and his integrity and commitment to his clients is commendable. If you're looking for an excellent accountant, look no further!"
What my clients say
Dean Samed owner of Jagged Social
"Mark Freed is by far the best accountant I’ve ever worked with, I say that without hesitation.
Most established accounting firms have large client bases, so it’s very difficult to get the level of care or attention that you really need. With Mark it was very different, he gave me the guidance that I needed – during one of the most difficult accounting periods of my life.
I am incredibly grateful for his work, and would absolutely recommend his services to friends, family, and colleagues. 10/10."