Making Tax Digital - Are You Ready?

The Clock is Ticking for MTD

Digital tax management is becoming mandatory - Hammond Business can make it work for you before the deadline.


Making Tax Digital – or MTD – is the UK’s biggest tax shake-up in a generation. If you file a VAT return, you’ll soon be required to do it in an MTD-compliant way. That’s because HMRC is moving towards a fully digital based tax system.

MTD is being introduced in stages. Your annual taxable turnover will determine when you need to start taking part. You can find more details in HMRCs VAT notice for MTD on GOV.UK

Will MTD benefit my business?

There are four main benefits of MTD to small businesses:

  • Improved quality of record keeping
  • Reduced likelihood of error (due to less manual entry)
  • More efficient management of business affairs
  • Less time gathering and inputting data

What Happens if I don’t Comply?

HMRC have made it very clear that these new measures are law, and failure to adapt will result in a series of fines for businesses that don’t conform. These fines will be lighter at first, but down the line persistent offenders could be fined the value their entire VAT bill!

Avoid a heavy fine

Needless to say, compliance is the only sensible option. After all, a fine is a needless expense when it could easily be avoided. Speak to us at Hammond and Co and we will make sure your business is ready for Making Tax Digital with the minimum amount of expense and hassle.

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