Making Tax Digital (MTD) is an HMRC initiative designed to help businesses and individuals correctly calculate their tax through a system that is more efficient, effective and simpler to use.
All VAT-registered businesses will need to report digital VAT records to HMRC through compatible software from 1 April 2022, regardless of turnover. If you are registered for VAT and your annual taxable turnover is above £85,000, you should already be using MTD compatible software.
In April 2024, MTD for Income Tax and Self Assessments will come into force, affecting all self-employed individuals with a turnover of over £10,000. There’s no need to wait – you can start preparing for the new rules today and streamline your processes.
|FSB launches Making Tax Digital app. We’ve partnered with Rhino Software Ltd whose HMRC recognised app is designed to help you follow new Making Tax Digital rules. Record your expenses, create invoices and submit your VAT return directly to HMRC in the FSB Making Tax Digital app.|
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