Making Tax Digital (MTD) is an ongoing initiative rolled out by HMRC to increase the efficiency of tax administration and smooth out peaks and troughs in activity over a 12 month period.
MTD for many VAT registered companies was introduced in April 2019 and further deadlines are looming so now is a very good time to move to digital accounting and record-keeping so that you are ahead of the game and ready for these changes:
- April 2022: all VAT-registered companies must now follow Making Tax digital rules for VAT returns starting on or after April
- April 2026: Income Tax for individuals with self employment income and/or income from UK property totalling £10,000 or over will go digital from 6 April 2026 (this was deferred from April 2024).
Contact GMO Bookkeeping & Accounts to find out more about what you might need to do and how I might be able to support you.