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Displaying items by tag: UK Tax

Thursday, 13 August 2020 11:37

Making Tax Digital – What’s happening next?

Making Tax Digital, it’s gone quiet but not gone away. As you may recall, VAT registered businesses with a turnover of £85,000 were required to file their VAT Returns using digitally enabled software from 1st April 2019. The original plan was to start the next phase of the rollout from April 2020, then various events (Brexit, to start with) intervened.

The next steps have now been confirmed.

April 2022 - All VAT registered businesses (even those with a turnover below the mandatory £85,000 threshold – mainly those registered voluntarily, for various reasons) will now be required to file using digital software.

April 2023 – Self employed businesses (the remainder that are not VAT registered) and landlords turning over more than £10,000 per annum

Interestingly, no mention for non vat registered companies and llps at this stage.

As with many things though, this could change depending on circumstances and events, but this is the current thinking.

Published in Latest News