Making Tax Digital is a key focus of the Government’s plans to help make it easier for people and businesses to keep on top of their tax.
HMRC aims to become one of the most digitally advanced tax administrators in the world. This programme makes new changes to the way that the tax system works. It transforms tax administration so that it becomes more effective, efficient and easier. This is so taxpayers can be confident that their tax is right.
Making Tax Digital for VAT
VAT registered businesses are now required to utilise the programme through keeping digital records and using software to submit their VAT returns. You will need to follow the rules for your first return starting on or after April 2022.
Making Tax Digital for Income Tax
Self-employed businesses and landlords that have annual business or property income above £10,000 will need to follow the rules for Income Tax. This is from their next accounting period starting on or after 6th April 2024. Some businesses and agents keep digital records and will provide updates to HMRC as part of a live pilot test and will develop the new service for Income Tax.
Contact us for more information
For help with moving to digital taxing, please do not hesitate to get in touch with M. Wasley Chapman & Co. With years of industry experience, we have got you covered. To arrange a chat with a tax adviser, simply give us a call.
We provide our tax services across Whitby, Scarborough, Middlesbrough, Saltburn and surrounding areas.
