Updated: Apr 26
From 1 April 2022 all VAT registered businesses must adhere to the Making Tax Digital rules, whatever they earn. Making Tax Digital is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs.
HMRC’s ambition is to become one of the most digitally advanced tax administrations in the world.
HMRC’s MTD rules came into effect on 1st April 2019 for VAT registered businesses with a taxable turnover over £85k, the scheme has now been rolled out to include all VAT registered businesses.
According to research conducted by HMRC and peer reviewed by independent academics an estimated £195 million in extra tax revenue has been collected via Making Tax Digital for VAT.
If you need to move to an online or cloud accountancy platform get in touch with Styles & Associates to discuss your requirements. We can help guide you through the process and ensure you are compliant with the MTD rules.
For more information visit: www.stylesandassociates.co.uk/making-tax-digital