Organised records for the way you file.
Struxra helps you review the records behind your business figures. Making Tax Digital submissions are made using compatible software, by you or your accountant.
Two separate sets of rules.
Making Tax Digital for Income Tax and Making Tax Digital for VAT apply to different people and ask for different things. Check GOV.UK for how they apply to you.
Who it applies to
Making Tax Digital for Income Tax applies to some sole traders and landlords, depending on qualifying income. Check the current GOV.UK guidance to see whether and when it applies to you.
What it asks for
- Digital recordsKeep records of business income and expenses digitally.
- Quarterly updatesSend HMRC an update of income and expenses each quarter, using compatible software.
- Year-end submissionSend a final declaration after the tax year ends, using compatible software.
Struxra helps you review the records. Quarterly updates and the final declaration are sent in compatible software, not in Struxra.
Who it applies to
- VAT-registeredApplies to VAT-registered businesses. Check GOV.UK for the current rules.
- Separate schemeVAT rules apply to the business, whatever its Income Tax position.
What it asks for
- Digital recordsKeep VAT records digitally.
- VAT returnsSend returns to HMRC using compatible software.
- Digital linksWhere more than one program is used, move data between them digitally.
VAT figures depend on the recorded rates and treatment, so they need checking before use. Returns are sent in compatible software, not in Struxra.
Using Struxra does not, by itself, establish that your complete workflow meets Making Tax Digital requirements. Check your circumstances and submission process with your accountant or the current GOV.UK guidance. Sources: GOV.UK, Making Tax Digital, sign up for Income Tax. Rules and dates can change, so check the current guidance.
Keeping records and submitting returns are different jobs.
Organise
Bring statements and supporting documents into the workspace.
Review
Check categories and resolve unclear transactions.
Export
Prepare available records and reports for the next stage of work.
Submit
Use compatible software for HMRC submissions. This happens outside Struxra.
Keep your records ready.
Bring in a bank statement and a few receipts. Your accountant can work from the same organised records.