Demystifying Making Tax Digital (MTD): A practical guide for SMEs

July 5, 2024

Understanding Making Tax Digital (MTD): A Key Shift for Businesses and Individuals

Making Tax Digital (MTD) is revolutionising the tax system by transitioning to a fully digital process. Business owners, self-employed individuals, and landlords must stay informed about this significant change.

MTD aims to digitize the tax payment process, simplifying how we handle taxes. Instead of manually submitting reports like self-assessments or VAT returns, we’ll use accounting software to automatically log and submit data.

While adapting to MTD’s digital tools may require an initial investment and a learning curve, the long-term benefits of streamlined tax management are substantial.