4 | S C R U T T O N B L A N D | L E I S U R E A N D H O S P I T A L I T Y
TOP
Making Tax Digital (MTD)
TIP
Businesses above the VAT threshold of £85,000 have been required to be part of the MTD scheme since 1 April 2019. From 1 April 2022, this will now apply to ALL businesses that are registered for VAT, even those below the turnover threshold. This means that VAT returns will need to be submitted to HMRC electronically, using digital software which will affect the way records are kept. And from 1 April 2023, self employed individuals and landlords will also need to comply with the MTD rules with quarterly reporting, subject to some exemptions.
It is important to start planning as soon as possible for how you will comply with these rules. It may take time to work out what software you will use and get started, and we recommend talking to a MTD specialist to make sure you are set up correctly and your staff know what to do.
Made with FlippingBook Ebook Creator