Did you know that VAT registered businesses with a turnover above the VAT threshold have to keep digital records and submit VAT returns digitally too? This means you will need to submit VAT figures in a format that HMRC will accept and, make sure that your business is signed up to the new format.
From 01 April 2022 all VAT registered businesses must sign up, whatever they earn.
About to reach the VAT threshold?
Are you about to cross theVAT threshold? Then now is the time to get your business MTD ready and benefit from a smooth transition.
Making Tax Digital for Income Tax
If you’re receiving self employed business income or you are a landlord with property income that exceeds £10,000 per annum, you will need to follow the Making Tax Digital rules for Income Tax from 06 April 2024.
Got your head in the cloud?
If you’re working with a bookkeeper or accountant using cloud accounting for your business, then you are already well on the way to becoming MTD compliant. If not, there’s no time like the present to get yourself on the right track!