Making Tax Digital – or MTD – is the UK’s biggest tax shake-up in a generation. Whether you’re an accountant or business owner, join QuickBooks for the digital tax revolution. We’ll explain what it is, when it's happening and what it will mean for you.
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"What is MTD and why is it happening?”
by Ian Fletcher & Nick Williams – 31s
Making Tax Digital is HMRC’s plan to bring UK tax into the digital age. In a nutshell, nearly every UK business will be affected.
VAT (phase 1)
Who’s affected? VAT registered businesses with turnover above the VAT threshold (currently £85,000 excluding VAT).
VAT (phase 2)
Who’s affected? The remaining VAT registered businesses – those voluntarily VAT registered with VAT-able turnover under £85,000.
Corporation tax & self-assessment
Who’s affected? Sole-traders, partnerships, landlords and trading companies. (The start date will be confirmed by the government following the successful roll out of Making Tax Digital for VAT.)
How? It's likely that:
Accountants & bookkeepers
After reading this FREE kit, created with Ian Fletcher, you’ll be able to:
After reading this FREE guide for small businesses you'll be able to: