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Making Tax Digital

UK tax system is transforming into most digitally advanced via Making Tax Digital (MTD)

Making Tax Digital was initially introduced for VAT-registered businesses (with turnover above of £85,000) on 1st April 2019 and then it was extended to all VAT-registered businesses from April 2022 regardless of their turnover.

MTD for income tax will be compulsory from April 2026 based on the certain level of taxpayer income from their property rental income and self-employed income. MTD on corporation tax will also be followed by the UK government as well.

 Our solutions related to MTD compliance ………………… 

  • Helping to get ready for MTD affairs (including registered with HMRC and set your business with MTD compatible software)
  • Making Tax Digital VAT (including preparation the VAT return and submission to HMRC with MTD compliance)
  • MTD for Income Tax (keeping record digitally and helping to submit your quarterly returns along with annual self assessment tax return whether you have property rental or sole trader income)
  • MTD for Corporation Tax (preparing and submitting your corporation tax return digitally)
  • Other ad hoc service related to your MTD compliance

You know that Making Tax Digital was introduced for the purpose of more effective, efficient and easier for taxpayers to get their tax right.

At The Stan Lee, we use the market leading MTD compatible software (including IRIS, Xero and others) to help your tax matter digitally. Get in touch with us for your initial free consultation and let’s find how we can help on your MTD matters.  

Frequently Asked Question

Making Tax Digital (MTD) is an initiative in the United Kingdom aimed at creating a more effective, efficient, and simplified digital tax system for taxpayers.The objective of this system is to minimise errors and enhance accuracy in tax submissions.

To comply with MTD requirements, use compatible software like Xero and sign up with HMRC, linking it to your software. Consider consulting professional accountants for confident support in ensuring compliance.

MTD is a legal requirement for businesses in the UK. Familiarise yourself with HMRC guidance on MTD and consult professional accountants for further details. You can access your accountancy records anytime, anywhere with an internet connection, making life simpler and easier.

It’s crucial to find professional accountants who are adept at MTD compliance. Talk to several accountants and choose one confident with software like Xero. Consider recommendations from other business owners, then select the most suitable accountants for your needs.

First, link your software with your HMRC account. Then, regularly update your records of sales, purchases and expenses in the software. Review and correct any discrepancies for accuracy. Finally, submit the VAT return on time through your accounting software to comply with MTD for VAT.

Link your MTD compatible software to your HMRC accounts. Use digital accounting software like Xero or IRIS and ensure accuracy. Submit returns quarterly: 1 April to 30 June, 1 July to 30 September, 1 October to 31 December, and 1 January to 31 March. Note that MTD for income tax applies to individuals with property rental income and sole traders.

Your business may face penalties from HMRC for failing to comply with MTD. Financial penalties are imposed for late submissions after reaching a points threshold. For more information, visit the HMRC website regarding MTD non-compliance penalties.

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Company Registration

The Stan Lee is our trading name of two separate entities as follows:
  • Stan Lee Accountancy Ltd; an ACCA Accountancy firm (Reg No: 4607747 that offers accountancy, taxation, estate administration, ATOL and other business support services that are authorised by the ACCA.
  • Stan Lee Probate Limited; a CILEX-ACCA Probate firm, “Authorised and Regulated as a CILEX – ACCA Probate Entity, Authorisation number 3001291” that offers non-contentious Probate service only.

We are required by our professional bodies to have separate entity and therefore, there are two firms involved. Both firms are required to have Professional Indemnity Insurance (details of the PII available in our office upon request).

Registered Office: Level 18 | 40 Bank Street | Canary Wharf | London | E14 5NR

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