Making Tax Digital Update

8 August 2022

Making Tax Digital (MTD) for VAT has been with us since April 2019, with the extension to all VAT registered businesses from April 2022.
The next roll-out will be the introduction of MTD for income tax which is scheduled to start in April 2024.

The obligation to keep records in a digital format and report information quarterly will apply to unincorporated businesses and property landlords with gross income from all business activities in excess of £10,000 a year.

Businesses operating MTD for VAT may already have ‘functional compatible software’ for income tax purposes but will need to get into a new routine for income tax reporting.

The changes will be more significant for property landlord businesses, most of whom are not VAT registered and so have not already been through MTD for VAT.

If you believe you need a new digital accounting system for your business, there are a number of MTD compliant accounting software packages on offer and we can advise you on the one that is most appropriate for your business. There are even relatively low-cost software packages specifically designed for property rental businesses.

Please talk to us about making sure your business complies with MTD. We are here to help.
If you would like to to discuss this further, please contact your client manager, email us at: success@maple.uk.com, or call the office on 01332 207336.

Maple Accountancy is a firm of expert Business Advisors offering accountancy services, tax and business advice to owner-managed and family-owned businesses.

All clients are individual, and we tailor our service to your needs. Use the site to find out what makes us different and understand why you should appoint us.

Offices

Head Office
Carter House, Wyvern Court,
​Stanier Way, ​Wyvern Business Park, Derby. DE21 6BF

01332 207336

Birmingham
3 Brindley Place, Birmingham, B1 2JB
0121 769 2197

Manchester & Leeds Chancery Place ​
50 Brown Street, Manchester, M2 2JG
0113 418 2078

London
1 Giltspur Street, London, EC1A 9DD
020 7127 0649

Contact

Maple Accountancy Ltd.

Carter House, Wyvern Court, ​Stanier Way, ​Wyvern Business Park, Derby. DE21 6BF

01332 207336
success@maple.uk.com

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