Making Tax Digital (MTD) for VAT: What Accountants Need to Know

Making Tax Digital (MTD) is one of the most significant changes to the UK tax system in decades. Aimed at improving the efficiency, accuracy, and accessibility of tax administration, MTD has fundamentally altered how VAT-registered businesses interact with HMRC. For accountants, understanding the nuances of MTD for VAT is e...

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The Making Tax Digital (MTD) initiative is transforming the UK’s tax system, bringing it into the digital age. Designed by HM Revenue & Customs (HMRC), MTD aims to simplify tax processes, reduce errors, and ensure compliance. However, with evolving deadlines and new requirements, staying informed is critical for businesses and individuals alike. This guide provides a ...

Key Takeaways for Buyers and Sellers of Accountancy Practices

1. Increase in Employer National Insurance Contributions (NICs)

The rise in Employer NICs by 1.2 percentage points to 15% from April 2025 is a significant factor to consider for both buyers and sellers. This increase will elevate the cost of employee compensation, which may impact profit margins for practices with lar...

As the UK tax system continues its digital transformation under the Making Tax Digital (MTD) initiative, accountants approaching retirement may be considering how to best adapt their workflows without overhauling familiar tools. For many accountants, Microsoft Excel has long been a cornerstone for bookkeeping, tax preparation, and financial reporting. The good news is that Excel can still play ...

As the world of accounting continues to evolve, HMRC’s Making Tax Digital (MTD) initiative is a significant step towards modernising how tax is managed in the UK. For many accountants nearing retirement, the transition to fully digital tax reporting may seem daunting, particularly for clients who still use traditional spreadsheet-based methods. However, MTD Bridgi...