Most VAT registered businesses have now becaome registered for MTD for VAT and have got used to filing their VAT Returns through approved software, but changes for Income Tax and Corporation Tax lay ahead, as well as becoming Mandatory for all VAT registered businesses.
More details are available at https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital
The key dates are;
- Corporation Tax - mandatory from April 2026
- Income Tax - Self-employed businesses and landlords with annual business or property income above £10,000 will need to follow the rules for MTD for Income Tax from their next accounting period starting on or after 6 April 2023.
- VAT-registered businesses with a taxable turnover below £85,000 will be required to follow Making Tax digital rules for their first return starting on or after April 2022.
It will be more important than ever to have up to date book-keeping records which are regularly reconciled and we can assist with cloud software like Xero and Quickbooks https://www.davidhoward.co.uk/online-services/online-accounting/
If you need any help getting ready for MTD please contact us https://www.davidhoward.co.uk/contact-us/
