Making Tax DigitalStay compliant with our future-proofed MTD software solution
Making Tax Digital software
Thomson Reuters was one of the first providers to support agents in taking part in the HMRC income tax pilot with our Making Tax Digital software. Thomson Reuters continue to work closely with HMRC and accountants to develop the solutions you need as part of the new MTD regime.
The initial focus of MTD was VAT reporting from April 2019. Thomson Reuters solutions allow you to manage the complete MTD for VAT process — from digitally recording transactions or importing data from a spreadsheet ready for collation, to producing the final VAT data ready for client approval and submitting to HMRC.
With MTD for VAT now settled in, focus has returned to mandation for Income Tax for Traders and Landlords from April 2023. In summary, any landlord or unincorporated trader with gross income in excess of £10,000 will be required to make quarterly updates for any accounting period starting on or after 6 April 2023.
There will be a 30-day submission deadline following the end of each quarter, which means that now more than ever, efficient data collection, and seamless client approval prior to compliance submissions, are vital.
For information on how our cloud-based practice suite, Onvio, can help in this process, please download the brochureDownload brochure
"Thanks to Thomson Reuters the threat of MTD has become an opportunity. We have integrated OnBalance into our client offering, and with Onvio we have actually leveraged growth. We have expanded our capabilities to interact digitally with even our most technology averse clients."
Why use MTD software?
Digital Record Keeping
OnBalance will allow your client to be compliant with the new digital record keeping requirements, whilst also easily sharing their data directly with you.
Import record keeping data
For clients who do not want to progress beyond their spreadsheet, a simple mapping and import routine collates their VAT data ready for your review and submission. This also allows for import from other bookkeeping products.
Keep in close contact with your clients using our portals that allow for seamless notifications and exchange of data to enhance the experience and improve efficiency, whilst also allowing for client approval of the VAT data before reporting to HMRC.
Regardless of the source of the digital records, a simple to use tool for collation and reporting the MTD for VAT data to HMRC.
Define streamlined processes to match the services that you provide to your clients — vital for efficient working.