Making Tax Digital
HMRC - 12 November 2020:
“VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000) are now required to follow the Making Tax Digital rules by keeping digital records and using software to submit their VAT returns.”
“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 annual business or property income above £10,000 will need to follow the rules for Making Tax Digital for Income Tax from their next accounting period starting on or after 6 April 2023.”
As you can see, HMRC are actively changing the way in how Businesses and Individuals need to report and file their Tax returns. This means that all applicable Businesses and Individuals will need to keep all of their records digitally and utilise suitable Software to transmit their VAT returns to HMRC without any manual intervention.
For those Company’s and Individuals who think that they already have this covered (be aware that some systems claim to be compliant but unfortunately come up short…) we can help you to ensure that you meet all of the HMRC requirements of a complete end-to-end digital reporting system, but for those who don’t then you really should be thinking about this change now…
We can help making tax digital
Barnstone can happily guide you through the requirements of ensuring you are Making Tax Digital compliant.
We can also register you with HMRC for Making Tax Digital, supply and set you up with the relevant Accounting Software, perform any necessary training to allow you to implement the changes and provide on-going support to ensure you make the transition to MTD with the minimum of disruption.
Please note: If you already utilise a form of software, say for stock control or such like, we can also advise whether this will meet the HMRC Making Tax Digital requirements. If it doesn’t, then you may find that you need to work with your specific Software provider to ensure you can meet the HMRC requirements.
Barnstone Accountancy are here to help with unbiased and informed advice to ensure you and your Business are ready to meet the MTD deadlines.
No fuss, jargon free and easy to understand.