Making Tax Digital, or MTD, is HMRC’s plan to digitise the way that tax information is recorded and reported in the UK. Our online guides explain the processes in more detail, and what it means for businesses who are VAT registered, or need to report self-employment income.
VAT-registered businesses with a turnover higher than £85,000 are already required to submit their VAT return via the Making Tax Digital scheme, but MTD is an ongoing process which will soon include income tax reported through Self Assessment. From April 2024 self-employed people and landlords earning over £10,000 a year must be compliant for MTD…
Corporation Tax is a necessary evil when it comes to running a limited company. To pay the right amount of Corporation Tax, you’ll need accurate financial records so that the information you provide in your company tax return is correct. Who has to file a company tax return? Limited companies must submit a company tax…
Tax deadlines have a nasty habit of suddenly looming. Whether you’re waiting until the last minute to file your Self-Assessment, or you have another VAT deadline on the horizon….
Let’s start this with another question. Should you be talking to your clients about Making Tax Digital for Income Tax Self Assessment (ITSA)? Guidance around it is still fairly generic, so it’s difficult to offer clients much in the way of detail. But, the internet is slowly filling with articles rehashing what little is known…
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…
