Making Tax Digital
Making tax digital for vat
Making Tax Digital for VAT registered businesses came into force in April 2019. ABG supported a vast number of our clients in digitalising their accounting systems and these businesses have all now successfully adapted to the new requirements.
HMRC are pressing ahead with the next phase of Making Tax Digital; from April 2022, all VAT registered businesses (including those registered voluntarily below the registration threshold) will be required to comply with the requirements of MTD.
ABG’s Outsourcing team can provide a range of services to help you comply with this next phase, including:
- An initial evaluation of your systems to determine whether you are compliant and advising on required changes.
- Assisting with signing up for MTD with HMRC.
- Maintaining digital accounting records on your behalf.
- Submitting your VAT return to HMRC using digitally compliant software.
- Provide VAT Bridging solutions to file returns prepared in Excel.
Making Tax Digital for Income Tax
HMRC have announced their intention to proceed with MTD for Income Tax from April 2023. This will impact all unincorporated businesses and landlords with gross income over £10,000. The rules will also apply to partnerships and trusts with business or property income.
The rules will require taxpayers to submit details of their income to HMRC, using digitally compliant software, on a quarterly basis with a year-end final declaration.
We believe this may prove to be one of the most significant changes in tax administration for a generation.
If you are not sure how the changes may affect you, or you need help or advice in order to ensure you are compliant, please contact our outsourced accounting team to discuss your options on 020 7330 0000.
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