New Forest

14/07/2017

Digital Accounting Update

The way you pay your tax return will soon change under Making Tax Digital (MTD), which requires businesses, self-employed people and landlords to use digital accounting software to update HMRC on a quarterly basis.

MTD is due to be phased in from April 2018, although businesses with an annual turnover below the VAT threshold (£85,000 in 2017/18) are exempt until April 2019.

If your annual turnover is less than £10,000 you will not need to make quarterly updates.

It would be best to get in touch with an accountant to discuss how MTD may impact your reporting obligations.

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The 130% super-deduction for equipment runs for one more year for companies that invest in new plant and machinery when the expenditure is incurred between 1 April 2021 and 31 March 2023.

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If you need help with submitting forms P11D and P11D(b) online, HMRC have a free webinar about how to send the forms using HMRC's PAYE online service.

Click the link to register and watch the recorded webinar 👉 https://bit.ly/3yH1fw4

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