With the government in the process of Making Tax Digital, businesses are moving towards keeping finance records digitally. After several delays, the MTD for VAT scheme comes into full force from 1st April 2022. Previously the rules only applied to VAT registered businesses with a taxable turnover over the registration threshold. Under MTD, they are…
Freelancing is on the rise, whether that’s instead of regular employment, or as well as. Alongside the ability to drum up business, bookkeeping is an essential key skill for any freelancer. Accurately recording and monitoring business accounts goes a long way towards reducing stress when that Self Assessment tax return rocks round. So, what with…
Why has the government introduced Making Tax Digital for VAT? HMRC have issued VAT notice 700 / 22 (Making Tax Digital for VAT) so that accountants and businesses will be able to efficiently file and preserve records digitally going forward. The modernised process, will comply with the legal requirement of submitting VAT records using software,…