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

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