Many businesses have already started complying with the Making Tax Digital (MTD) for VAT requirements, but further changes lie ahead, that taxpayers need to prepare for.
Below are the key dates for MTD to help you track your journey and ensure you are compliant with the coming changes
- April 2021 – Soft landing period for MTD for VAT ended and businesses must use digital links between all parts of their functional HMRC compatible software.
- April 2022 – MTD for VAT will be mandatory for all VAT-registered businesses and organisations, regardless of their turnover.
- April 2023 – MTD for income tax will be mandatory for some self-employed workers and partnership businesses and some taxpayers with income from property, such as landlords, with business income over £10,000.
- 2026 – The current earliest date at which businesses will need to report Corporation Tax via MTD.
To make sure your business has the right digital tools to comply with the challenges ahead, please speak to our team today.