Tunbridge Wells Accountants

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MAKING TAX DIGITAL

Since the government announced plans for Making Tax Digital in 2017, HMRC has now begun to make changes in the way millions of businesses record and pay their taxes.

Making Tax Digital for VAT since April 2022 all businesses have been required to be registered.

You need to follow the requirements for Making Tax Digital for Income Tax if you are self-employed or a landlord from:

  • 6 April 2026 if you have an annual business or property income of more than £50,000

  • April 2027 if you have an annual business or property income of more than £30,000

From the above dates all eligible businesses and landlords are required to keep digital records of all income and expenses via compatible software. This requires you to purchase or use a free version of software to be compliant.

So what does this all mean for your business?

Contact us now for your free initial consultation.

How to Ensure You're Ready for Making Tax Digital (MTD)