[ˈmeɪkɪŋ tæks ˈdɪʤɪtl (ɛm-tiː-diː)]
Making Tax Digital (MTD) is a UK government initiative that hopes to make the tax system more efficient and easier through digital records rather than paper.
Making Tax Digital (MTD) is scheme by the UK government that requires businesses and individuals to keep digital records rather than the physical ones. These digital records are then used to make the tax system more efficient and easier.
Currently the changes only impact VAT-registered businesses but HMRC are hoping to run Income Tax and Corporation Tax via the scheme by 2026.
MTD aims to reduce errors as online software should make less mistakes. There will also be quarterly updates rather than annual ones.
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