Making Tax Digital was introduced by HMRC to improve tax administration.

Since April 2022, the program has included smaller VAT businesses and is now mandatory for all VAT-registered businesses with a taxable turnover above £85,000.

What does this mean for business, well for a start, businesses are required to have an MTD compatible accounting software and to keep digital records and file VAT returns online.

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From April 2024, MTD will include ITSA (Income Tax Self Assessment) for those who are self employed and/or have rental income above £10,000 pa. This means that you'll have to submit quarterly returns with compatible software instead of sending a self assessment tax return. If you are VAT registered, then you will still need to submit VAT returns too.

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Further info can be found at gov.uk

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Our team work with our clients to ensure that all returns are up to date and submitted on time.

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