The Treasury has announced that it plans to expand the Making Tax Digital (MTD) reporting regime to all VAT-registered businesses from April 2022. At present, it only applies to those with a taxable turnover of £85,000 and above.
From 2023, it will also extend to cover income tax reporting for all unincorporated businesses and landlords turning over more than £10,000.
The Government has also declared its intention to consult in the autumn on a further extension of MTD to cover corporation tax reporting for incorporated businesses.
If you would to discuss how this could impact your business, please contact a member of our Business Services Team on either 01788 539000 or 0116 261 0061.