Making Tax Digital (MTD) is a key part of the Government’s plans to make it easier for ophthalmic businesses to get their tax right and keep on top of their tax affairs.
Keeping digital records and providing updates to HM Revenue & Customs (HMRC) directly will help reduce errors, cost, uncertainty and worry. Whether you agree with this is another matter.
In essence, ‘Making Tax Digital’ is designed to get all tax records online and up to date, so they are accessible to both taxpayers and HMRC. Quarterly submissions of accounts will then be made to HMRC to give a snapshot of business income and expenses.
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