Less than one week to go before MTD (Making Tax Digital) for VAT is mandatory. As of 1st April 2022 VAT registered businesses will need to submit VAT returns via MTD software. It is said that this will reduce common mistakes and save time for taxpayers whilst being a key part of the digitalisation of … Read more
With Making Tax Digital (MTD) for Income tax coming into force from April 2024, HMRC have clarified the reasons to apply for exemption. MTD for Income Tax is a new way of reporting earnings to HMRC. You’ll use software to keep digital records and send Income Tax updates instead of filing a Self Assessment tax … Read more
HMRC are advising VAT registered businesses to register for MTD (Making Tax Digital) for VAT before it becomes mandatory from the 1st April 2022. Designed to eliminate errors and save time, MTD is part of the overall digitalisation of UK tax. As of December 2021, nearly 1.6 million taxpayers had joined Making Tax Digital for VAT with … Read more
In a statement to MPs today, new financial secretary to the Treasury Lucy Frazer has confirmed that the introduction of Making Tax Digital (MTD) for income tax will be delayed by a year. The quarterly digital reporting for landlords and the self employed was due to start in 2023, but it will be pushed back … Read more
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