Making tax digital
All VAT registered businesses have to comply with Making Tax Digital for VAT from April 2022.
- Self-employed businesses and landlords with annual business or property income above £10,000 from April 2024
- Limited companies (those subject to Corporation Tax) will need to comply not before April 2026.
Making Tax Digital is one of the most ambitious HMRC projects that will lead to extra administration for both individuals and businesses. We at Rawlinson Pryde & Partners will be able to guide you through the transition with minimal disruption.
To comply you will need to ensure that your bookkeeping records are kept in a digital format with the best way being a cloud based solution. We are able to help you transition over or if you decide that you do not wish to learn how to bookkeep electronically we have bookkeepers who can take the stress out of this additional compliance.