Making Tax Digital due to roll out from April 2022

There are big changes afoot, as far as filing tax returns and VAT returns are concerned.

Currently, only those above the VAT threshold (Currently set at £85000) are required by law to submit their VAT Returns via MTD compliant software.

From April 2022, this changes to include those registered for VAT voluntarily ie below the threshold.

If this includes you and you are worried about what this means and how to go about making the leap on to MTD software, please contact me on 07380667005 for a no obligation chat.

From April 6th 2023, self employed business owners turning over more than £10,000 will be required by law to keep MTD compliant records for income tax purposes.

Every quarter (3 months) income and expenses for the business will need to be submitted to HMRC using MTD software. This is in stark contrast to the current way things are done: submitting one tax return by 31st January ever year.

It will undoubtedly require a lot more organisation and time management. There are potentially 4 deadlines during a year for which a business owner can be fined for filing late.

Here is a useful article regarding MTD changes

Comments

A little guide to Self Assessment..

Furlough Scheme (CJRS) Extended until December!

Here are some critical points about the extended CJRS (Coronavirus Job Retention Scheme): The Furlough Scheme been extended for a further month “Until December” Employees will get 80% of their salary up to £2,500/month. Employers will need to cover pension and NI contributions only Employers can still use the scheme if they have never claimed furlough allowance, as long as their employees were on PAYE on 30 th October 2020. Employees can work part-time with employers paying this element of wages in full. The government will pay 80% for any hours furloughed outside of this. Even employees on flexible or zero-hours contracts can receive furlough pay. In addition, business premises forced to close in England are to receive grants worth up to £3,000 per month under the Local Restrictions Support Grant. To give homeowners peace of mind too, mortgage holidays will also no longer end on 31st October. For further information please visit the following websites:

Retail sales BOUNCE back to almost pre-corona levels

Non-food retail sectors are finally showing pre-corona sales levels, with the Office for National Statistics estimating a near 14% increase in Juny 2020! After record declines in March and April, there has been a promising two months of strong growth. Unsurprisingly, the online growth of retail has been far higher. Online grocery sales are up by 5.3% compared to the beginning of the pandemic, and non grocery sales are up by 53.6%. Although this news is extremely positive, over all retail sales have fallen 15% on pre-pandemic levels. Still, the only way is up! Retail is on the up!

AMD Accountancy News

Search This Blog