Making Tax Digital (MTD) is here. Businesses over the VAT threshold (currently £85,000 pa) are now required to keep digital accounting records and submit their VAT returns online using an MTD-compliant cloud bookkeeping solution. The government has been expanding the scheme over the last few years, from the largest companies to the smaller companies. And the scheme will be rolled out to all business types soon, so it’s a good time for all businesses to switch to digital accounting software:
- From April 2022, MTD for VAT will apply to all VAT-registered businesses, no matter what their turnover
- From April 2026, MTD for Income Tax will be introduced for all unincorporated businesses and landlords with income over £10,000 per year
Browse the cloud accounting solutions we’ve partnered with, read our MTD blogs for more information, or get in touch for advice on what you need to do to be compliant with MTD. We can help you get your bookkeeping back on track.
© 2019 Warr & Co Chartered Accountants. Warr & Co Chartered Accountants is a member of The Institute of Chartered Accountants in England & Wales (ICAEW). Whilst the information detailed here is updated regularly to ensure it remains factually correct, it does not in any way constitute specific advice and no responsibility shall be accepted for any actions taken directly as a consequence of reading it. If you would like to discuss any of the points raised and / or engage our services in providing advice specific to your personal circumstances, please feel free to contact any one of the partners on 0161 477 6789 or contact us via our website forms. Warr & Co Chartered Accountants are registered to carry our audit work in the UK, our audit registration number is C002961684, for more information please visit www.auditregister.org.uk.