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 2024, 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.