Some big news about the Government’s ambitious push on Making Tax Digital programme:
- From April 2022 – the voluntarily VAT-registered (VAT-able turnover below £85K) will be required to digital tax service’ and move to keeping digital VAT records and submit VAT returns using MTD-compliant software.
- From the first day of their annual accounting period starting in the 2023/24 tax year, income tax requirements will apply to the self-employed with annual turnover above £10K.
There is a new determination to change the way the self-employed are taxed and managed. This arises from the Chancellor’s difficulties in devising a workable and fair coronavirus support scheme for the self-employed.
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. Making Tax Digital is making fundamental changes to the way the tax system works – transforming tax administration so that it is:
- more effective
- more efficient
- easier for taxpayers to get their tax right
Discover more resources about MTD programme, and as always, get in touch with us if you have questions…