TTR Barnes

Making Tax Digital April Threshold Changes

29th March 2022

From April 2022 businesses that charge VAT but with a turnover below £85k will need to ensure compliance with the Making Tax Digital scheme.

 

Impacting some 1.1m businesses, paper VAT records or those through the HMRC portal will no longer be allowed and must be submitted using digital records using approved software.  Non-compliance may result in fines related to incorrect or failure to submit VAT records.

 

Non-VAT registered business will have until April 2024 to ensure Income Tax is reported through the MTD scheme.

 

You can view more details on MTD business requirements in our previous Making Tax Digital article here.

 

All information correct at time of going to print/live and on the best knowledge and understanding of the author at the time. This article is for general information only and does not constitute financial advice or recommendations for individual circumstances. No responsibility is taken for any actions taken on the base of the information within this article.

Chartered Accountants in Sunderland, offering expertise on everything from Tax and Business Planning,
to Accounts and VAT.