Making Tax Digital (MTD). As more and more businesses operate online together with the Government setting deadlines for digital submission of information it has never been more important to ensure that you have the right online accounting package for your business.
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MTD started in April, 2019. The next stage is on 1st April, 2022 when every VAT registered business must use this system irrespective of their level of turnover.
Then on 1st April, 2024 all unincorporated businesses, trusts and landlords with an income over £10,000 must also use the system. General partnerships will not be required to join MTD until the tax year beginning April, 2025.
Now is the time to start thinking and planning for any changes that you may have to make like changing your accounting system.