Making Tax Digital for Income Tax – top tips from Agents

Making Tax Digital for Income Tax –  top tips from Agents

HMRC share the top Making Tax Digital (MTD) for income tax tips from Agents, based on the feedback of those involved in the Pilot of the scheme.

Find out how to sign up here:

HM Revenue & Customs Making Tax Digital for Income Tax is a new service that makes it easier for you and your clients to tell us about business income and expenditure. Since 2018, we’ve been running a pilot service with agents. We ask them to share their experiences of using it. With their feedback we’ve.

produced these five top tips to help you: Get your clients to switch to digital record keeping before their next accounting period starts. You’ve probably already seen the benefits of this if you’re using Making Tax Digital for VAT. Ask your software provider if they’re ready for Making Tax Digital for Income.

Tax and if there are any opportunities for you to use and test their software. Work with a small group of sole trader or landlord clients first and get familiar with the service. If you use Making Tax Digital for VAT and already have an Agent Services Account you can use the same account for Making Tax.

Digital for Income Tax. Keep checking for more detailed support from HMRC, software developers and professional bodies as the pilot develops. At the moment the service isn’t mandatory, but agents have been joining the pilot to get a head start. It’s helping them to balance their workload over the year and provide.

real-time business insights to their clients. Not all soul traders and landlords are eligible to take part right now, in time we’ll open it up to everyone. If your clients change their mind about using the pilot service, you can easily switch them back to the Self Assessment return. For more information about Making Tax Digital for.

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