Making Tax Digital – how and when will it affect you?
There is, to say the least, a certain amount of confusion over Making Tax Digital and how it will affect business owners (“MTDfB”). First it was on, then it looked as if it might be off, and finally it looks as if it’s on but there will be a year’s delay. In view of this we have worked with our colleagues at ProActivTax to produce a factsheet for our clients and other interested parties.
We want to drive the point home that it will affect ALL companies, ALL self-employed individuals and ALL landlords of residential properties. The only exemptions will be those cases where gross income, i.e. turnover not net profit, is less than £10,000.
Our factsheet, which can be downloaded from here, explains who will be affected, what you will have to do, and the relevant timelines.
We are here to help
If you business is comfortable with technology and you regularly file your payroll, Automatic Enrolment and VAT submissions online then you may simply want a discussion on your obligations and procedures to ensure you are compliant.
Other small businesses and landlords with residential properties may require more support, or for us to deal with all of the MTDfB submissions for you. Whatever your support need, or if you simply want to discuss your entry date or join the pilot scheme, then please speak to us.