Making Tax Digital (MTD) is a UK Government Initiative introduced by HMRC. This initiative digitizes the tax system to make it more efficient, accurate and easier to navigate. As part of this initiative, businesses are now required to keep digital records of their income and expenses, provide quarterly summaries of these incomes and expenses, and keep digital records for VAT purposes. Since April 2022, VAT registered businesses have been required to use HMRC-recognised MTD software for all tax returns.
MTD brings many benefits to a business, such as making it easier to keep accurate tax records. The MTD feature of RENT+ allows your business to say goodbye to manual calculations and paperwork. Instead, you can effortlessly produce your digital VAT return that is compliant with the MTD regulations and submit it to HMRC with ease. Your financial data can be stored in a digital form in one secure location, allowing you to ditch the paper trail and stay ahead of the changes to the tax system, whilst also being able to easily gain access to your financial reports.
Our software allows you to produce a VAT return for any date range, determine whether the figures are calculated on a cash or accrual basis, and optionally produce the report for a landlord or a property. You can then pay your VAT return immediately after submission. Achieve efficiency, accuracy and peace of mind surrounding your finances with the RENT+ MTD feature.
Email us at support@focus-property.co.uk or call us at 01865766241 to learn more about how RENT+ can aid your tax reporting process.
