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Seize the opportunity
Key points
- From April 2022 all VAT-registered businesses below the £85 000 VAT registration threshold need to comply with making tax digital.
- About half of small businesses in this category have not heard of MTD and only 19% of these have started preparing for the change.
- Accountants will play a critical role in helping small businesses not only to become compliant with MTD.
- Accountants can change their clients’ perception of MTD from an obligation to an opportunity.
HMRC introduced making tax digital (MTD) to make the UK one of the most digitally advanced tax services in the world. The initial focus in 2019 was the requirement for all UK VAT-registered businesses with a taxable turnover above the £85 000 VAT registration threshold to comply with MTD requirements. Now the next deadline is looming.
From April 2022 all VAT-registered businesses below the £85 000 threshold...
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