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.

Latest Tweets

If you've ever had to submit a VAT return, you'll know how stressful it can be. Alan Rolfe of @HWB_Accountants has some advice for what to do if you've made a mistake... https://t.co/cHLnHkNpNa

Changes have been made to the Tour Operators Margin Scheme to help operators calculate the correct selling price of TOMS supplies https://t.co/F4febEJ90m

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