DWI CPD Test: Making Tax Digital: Here’s What Dentists Need To Know

1. What is one benefit of MTD for dentists?

Mandatory hiring of extra staff

More tax deadlines

Increased reporting confusion

Better oversight of business finances throughout the year

2. What does MTD require businesses to do?

Use handwritten notebooks

Keep digital records of their income and expenses

Submit taxes only once a decade

Stop tracking finances

3. Who does MTD apply to?

Businesses and individuals with taxable income above certain thresholds

Only large corporations

Only retired people

No one in healthcare

4. Why is digital record-keeping important?

It replaces all financial reports

It makes accounting harder

It reduces errors and improves accuracy in tax submissions

It loses data more easily

5. What tool is often needed to comply with MTD?

A physical diary

A calculator

A landline phone

Approved accounting or bookkeeping software