Making Tax Digital
Making Tax Digital is HMRC’s method of making tax easier, more efficient and accurate. By recording every receipt and invoice that is related to the business, VAT can be recorded digitally, making it easier in the long run.
Does MTD apply to me?
If you are a VAT registered business with turnover over £85,000 then yes, you will need to comply with MTD now.
From April 2022 all VAT registered business, including those in Self- Assessment and landlords, must comply with MTD guidelines. This will be keeping records digitally and using MTD compatible software to file VAT returns.
What do I need to record?
You will need to record every receipt or invoice that applies to your business. This will need to be done digitally and as often as possible using a MTD compatible software; such as QuickBooks, Sage or VT. Or you could keep records on a spreadsheet and we can digitally upload them to the software for you.