First national successful MTD Income Tax submission

First national successful MTD Income Tax submission

Just under a year ago Cutter & Co became the first firm nationally to submit a VAT return under the new making tax digital regulations using Sage Business Cloud Accounting software.  HMRCs making tax digital regime became mandatory for VAT return submissions for the period starting after March 2019.

HMRC plan to roll out the MTD submission requirements for other types of taxes over the coming years with the current proposal that from April 2021 all income tax returns will need to be submitted in this manner.

We now have another ‘first’ to report!

Over the last few months one of our managers, Mike Toone, has been working with HMRC and accountancy software company IRIS and we are thrilled to report that we have successfully submitted the first Making Tax Digital income tax return nationally using IRIS Personal Tax.

Whilst the mandatory application of these regulations is still some way off, we are again showing our commitment to embracing new legislation and technology to ensure that we are fully prepared to advise our clients well ahead of any deadlines.

Every single Cutter & Co VAT client was prepared in advance for the MTD submission requirements and all met the first mandatory submission date.  Latest figures for the country show that in the 6 months since April 2019 80,000 mandated businesses have still not signed up for Making Tax Digital for VAT, let alone made their VAT submissions through it!

If you have any questions or concerns about making tax digital for VAT or income tax, please do not hesitate to get in touch.