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 brochure

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