Making Tax Digital
Making Tax Digital (MTD) represents the shift from paper-based to online tax reporting for millions of UK businesses. From April 2022, all VAT-registered businesses are now liable to comply with MTD rules around digital record keeping and digital submissions. The next change comes into effect for self-employed professionals and property owners earning above £10,000 from April 2024. This SmallBusiness.co.uk hub, in partnership with Sage, will help UK small businesses understand MTD, ensure compliance and explain how an accounting software partner can help with this new way of working.
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Making Tax Digital for VAT post April – what now?
Every VAT-registered business will have to register with Making Tax Digital from 1 April. Fabiano Rocha of Sage explains how HMRC digital VAT reporting is changing and what future changes we can expect
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What is the HMRC penalty system for Making Tax Digital?
As well as a new, digitised tax system, Making Tax Digital Making Tax Digitalfor VAT will also see the introduction of two new HMRC penalty regimes for late submissions and late payments, which will subsequently apply to Income Tax Self Assessment. As long as you continue to be diligent about deadlines, there’s nothing to worry […]
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Making Tax Digital for VAT: 6 simple tips to get your business ready
Making Tax Digital for VAT requires you to keep digital VAT records and submit VAT returns using compliant software. Failure to do so could result in penalties. But don’t worry if you’re feeling uncertain or wary about the coming changes. Just follow these six simple tips and you’ll be ready for MTD for VAT. 1. […]
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Live webinar – 5 practical steps to get ready for Making Tax Digital
We’ve teamed up with Sage to bring you a live webinar on everything Making Tax Digital (MTD). Here’s what to expect and how to sign up
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Making Tax Digital 101: a guide to MTD
Making Tax Digital (MTD) is the government’s plan to digitise the tax system in order to make it more effective, more efficient, and easier to get right. Whether you’re aware of MTD, but are not sure what steps to take to comply, or this is the first time you’re hearing about it, this guide will […]
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Making Tax Digital: what comes next?
Following the extension of Making Tax Digital (MTD) for VAT to all businesses in April 2022, the next two stages of MTD are due to be phased in over the next four years. That might sound like you have plenty of time to prepare, but as Lois Laughlin, Product Marketing Manager at Sage, tells us, […]
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How to use MTD to get VAT right
By April 2022, all businesses, regardless of income, will need to comply with Making Tax Digital (MTD) for VAT. The legislation requires all business owners to maintain digital records and file periodic VAT returns through MTD-compliant software. Provided you’re prepared, there’s nothing to worry about – in fact, it should be easier and fairer than […]
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MTD for VAT explained – why there’s no need to panic
Despite much heralding as to its arrival Making Tax Digital is still confusing many small and growing businesses. Stephanie Spicer explains what it all means and what business owners need to do