Making Tax Digital (MTD) Checklistby Vidit Agarwal NOMISMA - Excellent Small Business Accounting Soft
Making Tax Digital (MTD) is a significant initiative, by the UK government, to make it stress-free for businesses and individuals to get their tax computation accurate and be in compliance with the regulation. Her Majesty's Revenue and Customs (HMRC) aims is to grow into one of the supreme digitally progressive tax administrations. MTD focus on making essential alterations in the way the tax structure works – altering tax administration.
Making Tax Digital Checklist for Businesses in UK
Businesses in the UK can use the below mentioned checklist to make Making Tax Digital procedure as operational as possible. Form an in-house work-group to produce and implement the business’s Making Tax Digital plan. Things to think through include-
- Building capability
Accountant Making Tax Digital Checklist for practice
This checklist helps to prepare for Making Tax Digital, and highlights key focus areas in order to ensure that staff is fully prepared. This in turn will assist to make certain that clients are organised. It encompasses steps to examine the client base, the procedures to be carried out to service clients’ Making Tax Digital requirements, and any software prerequisite to consider for Making Tax Digital -
- Ground work and education
- Agents subscription
- Review and evaluate client base
- Define the workflow for the practice
- Digital-first plan for effectiveness
- Prepare the system for Making Tax Digital
Read More - MTD Guide for Accountants
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Created on Feb 22nd 2019 01:18. Viewed 171 times.
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