Benefits of Making Tax Digital
My Digital Bridge has been designed in conjunction with the HMRC to offer businesses an easy to use, well supported, and good value bridging software to allow users to make the change to Making Tax Digital.
The top three benefits of Making Tax Digital include:
- Consistent Information – businesses do not need to provide information on a more regular basis, or in a higher level of detail to the HMRC than they always have done
- Increased Accuracy – 61% of businesses had previously lost receipts and made errors manually submitting their data to the HMRC. Making Tax Digital makes it easier for businesses to get their tax returns right.
- Tax Benefits – don’t forget, any expenses incurred by your business to comply with Making Tax Digital is able to be claimed back, this includes the usage of any bridging software, as well as any hardware expenses.
Don’t think of Making Tax Digital spreadsheets and bridging software as a temporary arrangement, the HMRC has said “There is no set end date for the use of spreadsheets or bridging software within the MTD for VAT service.”
View the HMRC’s MTD Mythbusting flyer in full