VAT

MTD Updates

New timeline has been announced for Making Tax Digital (MTD) for business. 

  • VAT-registered businesses with a taxable turnover below £85,000 will be required to follow Making Tax Digital rules for their first return starting on or after April 2022.

 

  • Self-employed businesses and landlords with business turnover above £10,000 will need to follow the rules for MTD for Income Tax from their (current or next account period) following April 2023.

 

  • Consultations in regards to HMRC is going to consult in extending the timeline for Making Tax Digital to incorporated businesses with Corporate Tax obligations is expected for planning by HMRC in forthcoming weeks.