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MikeBest Accountancy Ltd is authorised and regulated by the Association of Chartered Certified Accountants (ACCA).

MikeBest Accountancy Ltd, Registered Office MikeBest Accountantancy Ltd, Harrogate Business Centre, Hammerain House, Hookstone Avenue, Harrogate HG2 8ER. Registered in England Company reg No. 11264832

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Displaying items by tag: making tax digital

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
Wednesday, 24 April 2019 15:03

Making Tax Digital

Don’t forget that even though the second phase of Making Tax Digital has been delayed, moving your accounting to cloud accounting software such as Xero or QuickBooks can also move your business forward in terms of tax & business planning, and knowing exactly how you stand. It will help your accountant and financial advisor with your pre year end planning too and could lead to more tax saving opportunities!

Published in Latest News