28 Feb 2022
The MTD for VAT regime started in April 2019 when businesses with a turnover above the VAT threshold of £85,000 became mandated to keep their records digitally and provide their VAT return information to HMRC using MTD compatible software.
From April 2022, MTD for VAT will be extended to all VAT registered businesses with turnover below the VAT threshold of £85,000. Many businesses with turnover below the VAT threshold have already voluntarily chosen to use MTD for VAT.
If you are using MTD for VAT or will soon begin to do so, here is a reminder of the records you must keep digitally:
You also need to keep digital copies of documents that cover multiple transactions made on behalf of your business by:
Check out our bookkeeping services pages if you would like to find out more about TeamCB taking care of your MTD for VAT.
Completing P11D forms to report benefits in kind
You may want to consider making a salary sacrifice arrangement, whether you are an employer or an employee.
Our quick guide to the main tax measures announced by Rishi Sunak.