Making Tax DigitalStay compliant with our future-proofed MTD software solution for tax and accounting professionals
An end-to-end solution for accountants to easily navigate Making Tax Digital
- Quarterly updates: Making Tax Digital (MTD) for Income Tax requires accountants and clients to submit quarterly updates to HMRC. Updates are reported cumulatively, allowing for corrections of previous quarters in subsequent submissions. Digita Personal Tax software from Thomson Reuters facilitates MTD submissions, enabling the digital linkage of income and expense information for sole traders and landlords via a spreadsheet import.
- Annual submissions: Once the quarterly submissions are completed for the year, any adjustments or capital allowances can be reported as part of the end-of-year submission process. Thomson Reuters Digita personal tax software supports the annual submission schedules and quarterly submissions as we offer an end-to-end solution.
- Final declaration: Once accountants have finalised and submitted their client's quarterly and annual submissions to HMRC, they can initiate the final declaration process.
- New penalty regime: HMRC are introducing a new points-based penalty system for late filing. Every time a particular submission, whether quarterly or annual, is missed the client will be accruing a penalty point. Individuals taking part in the 2024 to 2025 or the 2025 to 2026 testing phase will not incur penalties on missing any of the quarterly submissions but the point-based penalties will be applicable for the annual submissions.
For more MTD resources visit our Making Tax Digital hub. Here you will find resources to help your clients through the process and provide thought leadership to help you stay up to date.
Why use MTD software for VAT?
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.
Client Collaboration
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.
VAT reporting
Regardless of the source of the digital records, a simple to use tool for collation and reporting the MTD for VAT data to HMRC.
Process Management
Define streamlined processes to match the services that you provide to your clients — vital for efficient working.
Related resources
MTD for VAT Solution Demonstration
Onvio VAT solution has been developed to simplify the compliance process and automate your VAT.
Watch video [5 mins]