Do you know how to make tax digital?
"Making Tax Digital" (MTD) is a UK government initiative aimed at modernising and streamlining the process of tax reporting and payment for individuals and businesses.
The goal of Making Tax Digital is to make tax administration more efficient, accurate, and easier to manage by using digital tools and software. The initiative primarily focuses on transforming the way businesses and individuals report and manage their VAT (Value Added Tax) obligations, but it's intended to extend to other taxes in the future as well.
Instead of submitting paper-based tax returns, businesses are required to submit their tax information digitally using software that is compatible with HMRC's systems.
If you would like to learn more about how BYNC can support you to make tax digital,
contact us
and a member of our team will be in touch. Or why not download our handy guide
here?
How it works with HMRC.
Timing is everything, and working from home expenses will only be accepted if you submit your claim on time.
You are only eligible to claim if your employer told you to work from home - not if you chose to - and the length of time doesn't matter, it can be for just a few days or a few months. HMRC states on their website they received more than 3 million claims for tax relief for the 2020 to 2021 tax year.
The expenses claim includes costs you incurred as a result of working from home and HMRC allows you to claim tax relief based on the rate at which you pay tax. For example, if an employed worker pays 20% basic rate of tax and claims tax relief on £6 a week, they would receive £1.20 a week in tax relief (20% of £6 a week) towards the cost of their household bills.
HMRC will generally accept backdated claims for up to four years. To find out more about how we can help you claim the expenses you are owed, contact us or click the button below.
How it works
If you are looking for advice and support, it is simple. Just call or email us, we find out more about you and then we will produce a quote - it's that easy!
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