MTD for VAT to be extended to all VAT registered businesses in 2022
Since 2019, the vast majority of VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000) have been mandated to keep digital VAT records and send returns using Making Tax Digital (MTD)-compatible software.
From April 2022 these requirements will apply to all VAT-registered businesses.
It has also been announced that MTD for Income Tax Self-Assessment (ITSA), which was originally intended to start in 2018, will finally be introduced from April 2023 for unincorporated businesses and landlords with total business or property income above £10,000 per year.
Most businesses will have 2 years to prepare and test the service voluntarily prior to its introduction.
If you would like more information or would like to discuss your tax affairs in more detail please contact our Tax Partners Steve Crompton or Lucy Williams on the details below:
Partner – Head of Tax
direct dial: 01942 292541
mobile: 07790 840394
direct dial: 01942 292543
mobile: 07807 053494