Making Tax Digital To Become Mandatory for Almost Every Business and Landlord
Date: 22/07/20
Making Tax Digital (MTD) requires businesses to use software to keep business records digitally and submit their VAT returns via software (if VAT registered). Currently only businesses with a taxable turnover above the VAT threshold (£85,000) are required to follow the MTD rules.
In HMRC’s latest announcement, any VAT-registered businesses with a taxable turnover below £85,000 will be required to follow MTD rules for their first return starting on or after April 2022.
The MTD rules will then be extended again to include self-employed businesses and landlords with business turnover above £10,000 from their next account period starting on or after 6 April 2023.
If your business needs help in implementing MTD, please don't hesitate to get in touch. Call our Lancaster office on 01524 67111 and one of our specialists will arrange an initial meeting to discuss how we might help.
https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital
Author: Alan Taylor FCCA
A former pupil at Ripley St Thomas C of E High School in Lancaster, Alan joined Scott & Wilkinson directly from school in 1994 and qualified as an Accountant in 2001. Alan is responsible for a variety of clients operating in...
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