Making Tax Digital (MTD) for VAT was first introduced in April 2019 for businesses whose turnover was above the VAT threshold, so that would explain why you already submit your VAT returns using MTD. Making Tax Digital for VAT was extended to businesses with turnover below the threshold in April 2022.
Surprisingly Making Tax Digital for Corporation Tax for your company is still a little way off and we don’t expect it to be introduced until 2026 at the earliest, so at the moment there no risk of missing any MTD deadlines in respect of your company’s corporation tax obligations.
Making Tax Digital for income tax was due to be introduced next April (2023) for rental businesses and the self-employed with turnover above £10,000, but it has been deferred until April 2024. You therefore have some time to prepare and make the move over from keeping manual records to keeping your records electronically so that quarterly returns can be submitted.
To ensure you keep up to date with the requirements for Making Tax Digital, visit our MTD knowledge hub for regular articles and news updates.
Date published 4 May 2022 | Last updated 18 May 2022This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
Sign up for our newsletter
Receive important tax news suitable for business owners and self-employed professionals.
Choose the right accounting firm for you
Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?
We specialise in supporting independent businesses and work with over 78,217 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.
We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 406 locations, meet with us online through video call software, or talk to us by telephone.
Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.