Making Tax Digital for Businesses
With Coronavirus at the forefront of the countries thoughts at the moment many would think that large changes to tax reporting in the UK would be pushed further down the queue, however HMRC are still aiming to get their Making Tax Digital (MTD) reporting programme up and running in the not too distant future.
The current timeline is as follows –
From April 2022 – business who are VAT registered, but with turnover under £85,000 will be required to sign up to MTD, keep digital records and submit their VAT Returns to HMRC using MTD compliant software.
From April 2023 – self employed businesses and landlords with income above £10,000 will be required to sign up to MTD, keep digital records and submit their quarterly income to HMRC using MTD compliant software.
MTD has been devised by the government to make it easier for businesses and individuals to report their tax, get an up to date picture of their tax affairs and ultimately make sure they are paying the right amount of tax at the end of the year.
If you have any questions on how MTD will affect you and your business, please call our team on: 01892 513515 or email: info@lewisandco.biz