At the moment, the British taxation system is in the process of massive changes. While most of the British political system appears to be in the middle of mass-change, the tax system is one of the most constantly adjustable parts of reference. Every year, tax rates and the like can change for all manner of reasons. For many years, though, the filing process for handling our tax returns has been relatively simple and straightforward. With the introduction of Making Tax Digital (MTD), though, that is about to change.
For one, some of the old software packages that you are used to using are going to become obsolete. Without MTD compatibility, you will no longer be able to use them. Why, then, do you need to consider making a change to a new tax software system?
HMRC demands it
One of the most important things to remember is that HMRC demands the change. If you are in the VAT threshold, then you can already start dealing with MTD, known as MTD for VAT. In time, though, every business will need to use MTD. HMRC is making this the case in the medium-term future, so you should looking for MTD-compliant alternatives ASAP.
Your tax returns require it
With everyone moving to a new quarterly session for tax returns, you’ll be spending a lot more time dealing with taxes than you used to. This is going to mean that you spend a lot of your time dealing with tax returns, though each return will naturally only cover a few months’ worth of your earnings.
However, you need to use MTD compatible software as, in time, HMRC will not accept your return without it outside of the most extreme and particular of personal circumstances.
It will make your life easier
Just because the old software package you used to use is no longer suitable does not mean your books need to become harder. You will find that modern MTD software is easy to use and simple to manage, meaning that you can easily get the help that you need in a simple and stress free manner. It will literally make your life easier to use one of the more modern, robust MTD compatible systems.
Support is available
The hard part of dealing with MTD is that it all sounds so foreign and new. For many of us, that can become quite confusing. In a bid to help you avoid such confusion, you should use MTD compatible software as they can get you information and support for just about every part of their service.
As such, we recommend that you spend more time looking for MTD software that comes with live chat and instant support. Now, should you have any functional or technical queries, the whole thing should become so much easier to handle.
So, what are you looking for? There are some great MTD compatible software packages already available. Pick one today: you won’t regret it when you see how easy it makes managing your taxes.