Appleleaf Accountancy
Client Portal
  • Home
  • About Us
  • Services
    • Management Accounts
    • Accounts Preparation
    • Business Start-Up Support
    • Bookkeeping Services and VAT Returns
    • Cloud-Based Software Solutions
    • Payroll, PAYE and Auto Enrolment
    • Company Secretarial
    • Company Formations
    • Personal Tax and Tax Planning
    • Contractors and IR35
  • Testimonials
  • Advisory
  • News
    • News
    • Autumn Statement 2023
    • Spring Budget Report 2023
    • Autumn Statement 2022
    • Mini Budget 2022
    • Spring Statement 2022
    • Autumn Budget 2021
  • Client Portal
  • Get in Touch
Client Portal

Slide News

Making Tax Digital (MTD)

creative772020-07-28T13:15:39+01:00

The government published an overview of Making Tax Digital. The big news is that all VAT registered businesses with VAT turnover below £85,000 will be required to follow MTD rules for returns filed on or after April 2022. That might sound a long way off, but we strongly recommend you taking action now so that you are well prepared for the changes. Please talk to us – we can help you go digital now and you will be amazed at the simplicity of Cloud software and how it will improve your business!  

Making Tax Digital for VAT

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.

If you are below the VAT threshold you can voluntarily join the Making Tax Digital service now.

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.

Making Tax Digital for Income Tax

Self-employed businesses and landlords with business turnover above £10,000 will need to follow the rules for MTD for Income Tax from their next account period starting on or after 6 April 2023.

Some businesses and agents are already keeping digital records and providing updates to HMRC as part of a live pilot to test and develop the Making Tax Digital service for Income Tax. If you are a self-employed business or landlord you can voluntarily use software to keep business records digitally and send Income Tax updates to HMRC instead of filing a Self-Assessment tax return.

See: https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital

Share this post

Facebook Twitter LinkedIn Google + Email

Related Posts

Key February Dates

Key dates in February 2023 read more

Commercial Property Capital Allowance Claim Service

Do you own a commercial property in your business? If you do, then you will be delighted to hear that we... read more

House

Investment properties – should I pay Capital Gains Tax or Inheritance Tax

Sometimes there is a choice of which tax to pay and where a person owns an investment property, they may... read more

Reclaiming VAT on a car – notoriously difficult to claim

We often get queries regarding the use of a car for private and business use and if this is something... read more

Time to Pay

As part of the Chancellor's Coronavirus support package taxpayers were permitted to defer payment of the July 2020 income tax... read more

Customs Grants Available

Preparing for 2021 changes: Customs grants available In June 2020, the Government announced that it was making funding available to... read more

tax calendar

COMPANIES TO RECEIVE 3-MONTH EXTENSION PERIOD TO FILE ACCOUNTS DURING COVID-19

From Wednesday 25 March 2020, businesses will be able to apply for a 3-month extension for filing their accounts. This joint... read more

xmas party

Keeping the Christmas party tax-free

Last year, the Covid-19 pandemic and national lockdown took Christmas parties off the agenda. This year some parties are taking... read more

CORONAVIRUS CASH GRANTS FOR RETAIL, HOSPITALITY AND LEISURE BUSINESSES

Updated Friday 27 March The Retail and Hospitality Grant Scheme provides businesses in the retail, hospitality and leisure sectors with a... read more

Employment Allowance

Claiming the Employment Allowance for 2023/24

The Employment Allowance is an allowance that eligible employers can claim to set against their secondary (employer’s) Class 1 National... read more

Archives

Categories

  • Accounts
  • Brexit
  • Covid-19
  • Employee
  • Employer
  • News
  • Office News
  • Pension
  • Quick Bites
  • Scams
  • Self Employed
  • Tax Tips
  • VAT

We hate goodbyes...

Keep in touch and get the latest information

Just pop your email address in the form below to receive our newsletter and we’ll send a downloadable copy of the Making Tax Digital Fact Sheet and Action Plan direct to your inbox.

Where are we?

Appleleaf Accountancy and Tax Limited,
5 Town Hall Street, Grimsby, North East Lincolnshire, DN31 1HN

Get in touch!

01472 287387
info@appleleafaccountancy.co.uk
Facebook Twitter Linkedin
© Copyright Appleleaf | Privacy
Website by The Creative Agency
  • Main Menu
  • Top Navigation
  • Home
  • About Us
  • Services
    • Management Accounts
    • Accounts Preparation
    • Business Start-Up Support
    • Bookkeeping Services and VAT Returns
    • Cloud-Based Software Solutions
    • Payroll, PAYE and Auto Enrolment
    • Company Secretarial
    • Company Formations
    • Personal Tax and Tax Planning
    • Contractors and IR35
  • Testimonials
  • Advisory
  • News
    • News
    • Autumn Statement 2023
    • Spring Budget Report 2023
    • Autumn Statement 2022
    • Mini Budget 2022
    • Spring Statement 2022
    • Autumn Budget 2021
  • Client Portal
  • Get in Touch

Receive our newsletter to keep you up to date on the latest news, tax tips and a whole host of accountancy advice to help you and your business.

Name
johnsmith@example.com

Never see this message again.

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.OkPrivacy policy