The Treasury has announced that the Making Tax Digital (MTD) programme will be extended to firms with turnover below the VAT threshold of £85,000 from 6 April 2022. Taxpayers who file self-assessment returns for business or property income of more than £10,000 a year will be brought into the programme the following year. Taxpayers within MTD for Income Tax will need to keep records of all business income and expenses digitally. Software that is compatible with MTD for Income Tax must be used to keep recordds and to send updates to HMRC.
If you are currently using a manual or desktop bookkeeping system you should consider switching to an online accounting system as early as possible. Two systems that we recommend are Xero and Quickbooks Online. We can provide versions specifically tailored to meet the needs of your business and offer help with the initial set up and training. For more information and to arrange a free demonstration please see our MTD page
21/07/2020
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