Making tax digital – current requirements
All vat registered businesses with a taxable turnover above the vat threshold of £85,000 are now required to follow the mtd rules.
- They must keep digital records
- They must make more frequent submissions (quarterly)
- They must use software to make submissions to hmrc e.G. Xero
- Main benefit of mtd – helping individuals and businesses to get their tax right
Contact us on 01225 878685 or [email protected] to discuss your mtd requirements and understand what the future position may be.
Download the making tax digital requirements pdf here