Over a year has passed since the implementation of Making Tax Digital for VAT for businesses who are VAT registered with a turnover above the VAT threshold. Although there have been delays to the rest of the MTD changes, we just wanted to remind our clients that this hasn’t gone away as HMRC are still planning to introduce this in the near future.
HMRC have provided a roadmap to allow businesses to plan ahead for the changes in MTD legislation moving forward. This roadmap has confirmed that Making Tax Digital will be:
- Extended to VAT registered businesses with a turnover below the VAT registration threshold from April 2022; and
- Introduced for Income Tax Self-Assessment for businesses and landlords with income over 10,000 from April 2023.