New Forest Ribbon
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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Businesses have until 8th August to apply for grant funding for innovative projects designed to reduce the costs of deploying carbon capture, usage and storage technology https://bit.ly/3BrWsxm

The 5th and final SEISS grant is now available and can be claimed for the period of May to September 2021. https://bit.ly/2UpkqJf

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